ITC share price declines as Wells Fargo sells shares worth ₹106 crore

The stock fell 0.52% to ₹395.4 apiece on the National Stock Exchange (NSE) at 9:23 am. Its market valuation stands at ₹4,94,743.44 crore.

According to the block deal data on the NSE, Wells Fargo Emerging Markets Equity CIT, an affiliate of Wells Fargo, divested 26.55 lakh shares of ITC at an average price of ₹401.60 per unit for ₹106.62 crore.

Meanwhile, SEI Trust Company bought these shares through its arm.

ITC Q3 results

Diversified entity ITC posted a 7.27% fall in its consolidated profit after tax (PAT) to ₹5,013.16 crore for the latest October-December quarter of the financial year 2024-25 due to subdued demand and sharp escalation in input costs. In the year-ago period, the net profit was ₹5,406.52.

Revenue from operations advanced 9.05% to ₹20,349.96 crore in the third quarter of FY25, compared to ₹18,660.37 crore in the same quarter of the previous fiscal year.

Revenue from the cigarette segment climbed 7.83% to ₹8,944.83 crore in the quarter under review, compared to ₹8,295.18 crore a year back. "Strategic portfolio and market interventions, with focus on competitive belts and to counter illicit trade, drive volume-led growth and reinforce market standing," ITC said

The agribusiness segment's revenue climbed 9.7% YoY, led by leaf tobacco and value-added agri products. The FMCG—Others segment reported a revenue uptick of 4% YoY.

"Paperboards, Paper and Packaging Segment remains impacted due to low priced Chinese & Indonesian supplies in global markets including India, soft domestic demand conditions and unprecedented surge in wood prices," ITC said in an exchange filing.

The company had also declared a dividend of ₹6.5 per share. The record date was fixed as February 12. The dividend will be paid between March 6 and March 8.