ITC shares in focus after Wells Fargo sells stocks worth Rs 106 crore

Shares of ITC are expected to be in focus after the financial services company Wells Fargo sold ITC shares worth Rs 106 crore through an open market transaction. Wells Fargo, a diversified financial services company based in San Francisco, manages assets totaling approximately USD 1.9 trillion.

According to block deal data from the National Stock Exchange (NSE), Wells Fargo, through its affiliate Wells Fargo Emerging Markets Equity CIT, sold 26.55 lakh shares of ITC, a Kolkata-based company. The shares were sold at an average price of Rs 401.60 each, with the total transaction amounting to Rs 106.62 crore.

These shares were acquired by SEI Trust Company through its subsidiary.

On Monday, ITC’s stock increased by 0.51%, closing at Rs 397 per share on the NSE.

In the previous month, ITC Ltd reported a 7.27% drop in its consolidated net profit, which fell to Rs 5,013.16 crore for the December quarter, primarily due to weak demand and a significant rise in input costs. This compared to a net profit of Rs 5,406.52 crore during the same period last year.

However, ITC’s revenue from operations rose by 9.05%, reaching Rs 20,349.96 crore for the December quarter, up from Rs 18,660.37 crore in the same quarter of the previous fiscal year.