&w=3840&q=100)
Fall in ITC shares drag Nifty FMCG index 2%; Nestle, Emami down 2% each
Leading the decline in the FMCG pack around 3:00 PM were shares of ITC, Nestle, Emami, and Tata Consumer, which fell between 1.1 per cent and 2.5 per cent. Other notable laggards included United Spirits (down 0.78 per cent), Hindustan Unilever (down 0.63 per cent), Varun Beverages (down 0.25 per cent), Britannia (down 0.16 per cent), and Godrej Consumer (down 0.12 per cent).
However, not all stocks in the index were in the red. Gainers included Dabur (up 0.08 per cent), Patanjali Foods (up 0.16 per cent), Marico (up 0.50 per cent), Radico Khaitan (up 0.51 per cent), Colgate-Palmolive (up 1.17 per cent), and United Breweries (up 1.36 per cent).
ITC slides on block deal
In a filing to the London Stock Exchange (LSE) on Wednesday, the maker of Dunhill and Lucky Strike cigarettes said it had completed the sale of 313 million ordinary shares in ITC through an accelerated bookbuild process targeting institutional investors. The transaction, representing 2.5 per cent of ITC's equity, generated net proceeds of ₹12,900 crore.
Following the sale, BAT's stake in ITC is expected to decrease to approximately 22.9 per cent. A day earlier, BAT had announced plans to divest part of its holding, stating it would remain a significant shareholder with a 23.1 per cent stake.
At 2:44 PM, the FMCG index remained near its day's low, trading 1.31 per cent lower at 55,804.10. In contrast, the benchmark Nifty50 was down just 0.17 per cent, hovering at 24,784.50 level.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
India Today
37 minutes ago
- India Today
Indian employee claims boss targeted them after ‘Open to Work' update on LinkedIn
An Indian employee claimed that their boss began targeting them after noticing the "Open to Work" tag on their LinkedIn employee shared their story on the subreddit r/IndianWorkplace with the title 'Height of targeting by boss because I opened myself for work on LinkedIn'.In the post, the user detailed how things changed dramatically after they quietly indicated they were exploring new opportunities According to the post, the employee's foreign boss had restructured the company twice in 13 months, downsizing from 50 employees to just seven. Having survived both rounds, the employee decided to keep career options open and update their LinkedIn status, only to witness a weird fallout."Now he targets me," the employee said, adding: "Says I don't work a dedicated nine hours just because I come by clock and leave by clock. My salary is credited two days after everyone else's. My work is now scrutinised under a magnifying glass."Before this shift, the user said they were in their boss's good books: "I was his sweetheart. He trusted me with work, shared inside information.'Read the entire post here: The Reddit post prompted advice and concern from several users.'Block him on LinkedIn. Keep searching,' a user said. Another advised, 'Use LinkedIn's option to make the 'Open to Work' status visible only to recruiters.'Others pointed out the risks of broadcasting job searches online. 'Don't put the open to work tag. It actually hurts your chances,' a user claimed. Another added, 'Get the new job, block whoever can jeopardise it, and then unblock them after.'- EndsMust Watch
NDTV
38 minutes ago
- NDTV
Indian Employee Says "Firangi" Boss Turned Toxic After "Open To Work" LinkedIn Update
An Indian employee recently took to Reddit to share how a LinkedIn update ruined her relationship with her boss. In the post, the user shared that her boss, a foreign national, started targeting and criticising her after he noticed her profile's "Open to Work" banner. She claimed that she had a smooth working relationship with him before the LinkedIn update. However, soon after, he turned toxic and started delaying her salary, micromanaging her output, and accusing her of a lack of dedication. "Height of targeting by boss because I opened myself for work on LinkedIn," the Redditor captioned the post. "My boss (Firangi), restructured the company twice in 13 months, went from 50 people in the workplace to 7 at the end of 2nd restructure. I survived both rounds," she shared. "Now, seeing this I opened myself for work on LinkedIn, may be he saw this as he is added to my list out of no choice, he adds new employees on very first day of joining. Now he targets me, says I dont work dedicated 9 hrs just because i come by clock, go by clock, I receive salary exactly 2 days after every other human of the company receives theirs's. My output is scrutinized with magnifying glass," she wrote. "Before this, I was his "sweetheart", he would trust me with work etc, would tell me inside information etc etc," the employee added. by u/cookdooku in IndianWorkplace The Reddit post has gone viral, with users sharing various reactions. "In LinkedIn settings , I think, when you set to "open to work" there is an option to hide that from your current employers. Check it out," suggested one user. "Hey, it's sad what you're going through. Your only recourse is to do good work and stand your ground. Don't give him any reason to criticize your performance. You just need to jhelo this till you have an offer in hand and can resign your current job," commented another. "However, based on my personal experience and anecdotal evidence from many people in my circle, don't put the open for work tag on your LinkedIn profile. It actually hurts your chances of landing a job," the user added. "Make "Open To Work" option visible only to HR's so that nobody snoops around your profile," advised a third user. "Can't do much once targeted by the boss," one user remarked. "Block whoever you think can be a menace to your new job search; get the new job, unblock them," said another.
Mint
40 minutes ago
- Mint
India revises proposed retaliatory duties against US over steel, aluminium tariffs in WTO
New Delhi, Jul 10 (PTI) India has revised its proposal to impose retaliatory duties under the WTO (World Trade Organisation) norms against the US over American tariffs on steel and aluminium in view of the further hike in duty by the Trump administration. The US first imposed 25 per cent tariffs on imports of aluminium, steel and derivative articles on March 12. Again, on June 3, the taxes were hiked to 50 per cent. "Without prejudice to its earlier notification to the Council for Trade in Goods and the Committee on Safeguards dated May 12, India reserves its right to adjust the products and tariff rates. This request is made in response to the increase in the tariff rate by the US from 25 per cent ad valorem to 50 per cent," the WTO has said in a communication on Wednesday. This was circulated among WTO members at the request of India. It said that the proposed suspension of concessions or other obligations can take the form of an increase in tariffs on selected products originating in the US. "The safeguard measures would affect USD 7.6 billion imports into the United States of the relevant products originating in India, on which the duty collection would be USD 3.82 billion," it said. Accordingly, India's proposed suspension of concessions would result in an equivalent amount of duty collected from products originating in America. In the May 12 communication, the duty collection figure was stated as USD 1.91 billion. The first Trump administration, in 2018, imposed a 25 per cent duty on certain steel items and a 10 per cent duty on aluminium products on the grounds of national security. In retaliation, India in June 2019 slapped customs duties on 28 US products, including almonds and walnuts. India had also filed a complaint in the WTO. The proposal assumes significance as both countries are negotiating a Bilateral Trade Agreement (BTA). The Indian team is also expected to visit Washington next week to the US for trade talks.
