ITC shares were in the headlines on Thursday when the FMCG business announced that ITC Infotech India, a subsidiary, acquired 100% of Blazeclan Technologies for Rs 485 crore. As a result, Blazeclan and its subsidiaries have become step-down totally owned subsidiary of the corporation, starting October 1.
On Tuesday, the ITC stock closed at Rs 515.95, 0.41% lower than the previous closing of Rs 518.10. A total 2.25 lakh shares of the FMCG business changed hands, resulting in a turnover of Rs 11.60 crore. The firm's market valuation was at Rs 6.43 lakh crore.
ITC stock has a one-year beta of 0.6, showing modest volatility during the period. In terms of technicals, ITC's relative strength index (RSI) is 56.6, indicating that the company is neither oversold nor overbought. ITC shares are trading above their 5 day, 10 day, 20 day, 30 day, 50 day, 100 day, and 200 day moving averages.
"ITC Infotech India Limited, a wholly owned subsidiary, informed us today that they had acquired 100% of the share capital of Blazeclan Technologies Private Limited (Blazeclan). As a result, Blazeclan and its subsidiaries have become step-down totally owned subsidiaries of the Company, effective October 1, 2024," ITC stated in a message to bourses.
Blazeclan is an AWS Premier Partner, a Snowflake Elite Partner, and a global pioneer in delivering Cloud transition solutions. The firm specializes in Cloud Migration, Digital Services, Digital Cloud Consulting, and Data Analytics and Insights.
