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ITC shares dip 3.8% after third quarter results; Sensex, Nifty extend losses

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Shares of ITC erased their gains after the company on Wednesday reported weak operating performance for the quarter ended December.

ITC shares dip 3.8% after third quarter results; Sensex, Nifty extend losses
Shares of ITC erased their gains after the cigarette-hotel-to-FMCG major on Wednesday reported weak operating performance for the quarter ended December.
The index heavyweight stock along with HDFC twins dragged indexes. Shares of ITC quoted at Rs 278.75 on the NSE, down by 3.8 percent at 5.05 pm.
FMCG major reported a four percent on year growth in profit at Rs 3,209 crore, which was on expected lines but margin missed estimates. CNBC-TV18 Poll had estimated a net profit of Rs 3,077 crore.
Profit in the corresponding quarter of last fiscal stood at Rs 3,090 crore, which included exceptional gain of Rs 413 crore.
Revenue from operations in Q3 grew 15 percent year-on-year to Rs 11,227.66 crore, driven by gross across segments.
Kolkata-based company has erased nearly four percent in the last one week, while the stock surged almost 2.4 percent in the last one month. The one year return on the stock is mildly positive at 2.44 percent.
The three-year, five-year and 10-year return stands at 48 percent, 69 percent and 318 percent, respectively.
ITC was the top drag in 15-pack Nifty FMCG, which traded 1.36 percent lower, dropping 416 points, to 30,091 at 3.05 pm.
Shares of Hindustan Unilever, Britannia and Glaxosmithkline Consumer along with Colgate-Palmolive supported indexes. Eight stocks declined on the sectoral gauge against seven advancing stocks.
Benchmark indices extended losses as investors took to profit-booking in index heavyweight ITC.
The Sensex traded lower by 288 points, or 0.79 percent, at 36,157 at 3.06 pm. The Nifty slipped to 10,864, down by 58.45 points, or 0.54 percent.
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(With inputs from agencies)
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