ITC shares climb nearly 2% in early trade but give up gains later post Q3 results

ITC share price: The stock climbed 1.79 per cent to Rs 238.50 apiece on the BSE while on the National Stock Exchange (NSE) it rose 1.73 per cent to Rs 238.50 per share. However, the scrip soon gave up on its early gains and slipped in the red slipping over 1 per cent to Rs 231.60 on BSE and Rs 231.55 on NSE.

Margin pressure was greatly exacerbated by the year's record price increases for essential inputs such as food oils, packaging materials, soap noodles, petrol, and logistics: ITC (Photo: File/Representational)

Shares of fast moving consumer goods (FMCG) major ITC climbed nearly 1.8 per cent in the early deals on Friday after the company reported a 15 per cent rise in its consolidated net profit to Rs 4,118.8 crore for the third quarter ended December (Q3).

The stock climbed 1.79 per cent to Rs 238.50 apiece on the BSE while on the National Stock Exchange (NSE) it rose 1.73 per cent to Rs 238.50 per share. However, the scrip soon gave up on its early gains and slipped in the red slipping over 1 per cent to Rs 231.60 on BSE and Rs 231.55 on NSE.

At 11:15 am, the ITC stock was trading at Rs 234.40 on the BSE, up 0.04 per cent while on NSE it was at Rs 234.65, up 0.09 per cent.

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Over 3.88 crore shares of the company were traded on NSE while over 10.51 lakh shares had exchanged hands across the counter on the BSE.

On Thursday after market hours, ITC reported a 15 per cent jump in consolidated net profit to Rs 4,118.8 crore for Q3, on the back of robust demand across business verticals. The company had posted a consolidated net profit of Rs 3,587.2 crore in the corresponding period last year, in said in an exchange filing.

The consolidated total income stood at Rs 18,787.72 crore as against Rs 14,670.17 crore in the year-ago quarter. Total expenses were higher at Rs 13,207.28 crore as compared with Rs 9,765.56 crore in the corresponding period last fiscal, ITC said.

It also informed that its board has approved an interim dividend of Rs 5.25 per ordinary share of Re 1 each for the financial year ending on March (FY22).

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