ITC shares in news today on Rs 485-crore acquisition in IT space

Shares of ITC are in news on Thursday after the FMCG firm said ITC Infotech India, a subsidiary of the company, has acquired 100% shares of Blazeclan Technologies for Rs 485 crore. Consequently, Blazeclan and its subsidiaries have become step-down wholly owned subsidiaries of the company, effective October 1.

On Tuesday, the ITC stock ended 0.41% lower at Rs 515.95 against the previous close of Rs 518.10. Total 2.25 lakh shares of the FMCG firm changed hands amounting to a turnover of Rs 11.60 crore. Market cap of the firm stood at Rs 6.43 lakh crore

ITC stock has a one-year beta of 0.6, indicating low volatility during the period. In terms of technicals, the relative strength index (RSI) of ITC stock stands at 56.6, signaling it's trading neither in the oversold nor in the overbought zone. ITC shares are trading higher than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day and 200 day moving averages.

"We have been advised by ITC Infotech India Limited, a wholly owned subsidiary today, that they have acquired 100% of the share capital of Blazeclan Technologies Private Limited (Blazeclan). Consequently, Blazeclan and its following subsidiaries have become step-down wholly owned subsidiaries of the Company with effect from 1 October, 2024,"  said ITC in a communication to bourses.

Blazeclan is an AWS Premier Partner, Snowflake Elite Partner and a leader in providing Cloud transformation solutions to customers globally. The company has strong expertise in Cloud Migration, Digital Services, Digital Cloud Consulting and Data Analytics & Insights.