Cigarette business weakness drags ITC margins in March quarter
ITC’s cigarette business saw lower profits in the March quarter due to increased taxes. While other areas like FMCG improved, they could not fully compensate. The company is adjusting prices and products to protect its market share. However, higher taxes may boost illegal cigarette sales. ITC’s stock has fallen significantly this year.
Foreign investors continue to pull out from financials in first half of May
Foreign investors continued to divest from Indian financials in early May, withdrawing ₹17,960 crore due to concerns over tighter banking margins and lower appeal compared to other emerging markets. Overall outflows reached ₹38,443 crore across 19 sectors, with services attracting nearly 60% of the limited inflows.
Rupee moves up after 10 days on likely RBI intervention
The Indian rupee saw its steepest gains in two weeks, rebounding against the dollar after significant central bank interventions. Talk of potential interest rate hikes also bolstered the currency, making it the strongest Asian performer. Despite underlying pressures, the rupee closed stronger, with traders anticipating further measures to protect its value.
LIC profit rises 23% in March quarter on all-round show
Life Insurance Corp announced a strong March quarter profit, up 23% to ₹23,467 crore. This growth was fueled by increased premiums and investment income. For the full year, profit after tax rose 19%. The company anticipates geopolitical tensions may affect savings flows. LIC is focusing on protection products and expects continued double-digit growth in new […]