ITC shares in focus today as Well Fargo sells stake via block deal 

Shares of ITC are in news today as financial services company Wells Fargo has offloaded ITC shares worth Rs 106 crore through an open market transaction. Wells Fargo, through its affiliate Wells Fargo Emerging Markets Equity CIT, sold 26.55 lakh shares of ITC, block deal data from the National Stock Exchange (NSE) show. The block deal was carried out at an average price of Rs 401.60 each, with total transaction amounting to Rs 106.62 crore. SEI Trust company bought these shares via its subsidiary. Wells Fargo, a diversified financial services company based in San Francisco, manages assets totaling approximately $1.9 trillion.

ITC shares ended 0.72% higher at Rs 397.55 on Monday against the previous close of Rs 394.70 on BSE. Market cap of the firm stood at Rs 4.97 lakh crore. Total 3.54 lakh shares of the FMCG firm changed hands amounting to a turnover of Rs 14.05 crore on BSE.

In terms of technicals, the relative strength index (RSI) of ITC stock stands at 29.4, signaling it's trading in the oversold zone.

ITC reported a 7.51 per cent year-on-year (Y-o-Y) drop in consolidated net profit to Rs 4,935 crore in the third quarter of the current financial year against a net profit of Rs 5,335 crore in the year-ago period. Sequentially, the company’s net profit fell 1.16 per cent. Profit before interest, depreciation, and tax (PBIDT) rose 30.26 per cent to Rs 8,964 crore.