ITC Limited has been asked to pay Rs 1 lakh to customer for packing one biscuit less than advertised on a packet of Sunfeast Marie Light.
It may not have the kind of monopoly it once did, yet for millions of Indians today Maggi is a reminder of their growing up years, a staple from when life was simpler.
Claiming to be "more than a biscuit," ITC's website lists 'light, thin and crunchy potato biscuits and 'sprinkled with chatpata masala seasoning' as its key features.
Diversified conglomerate ITC is planning a major overhaul in its Sunfeast biscuits portfolio. CNBC-TV18 learns that it is in the process of categorizing all its biscuits under four big brand umbrellas and aims to almost double the Sunfeast brand to Rs 5000 crores in the next 2-3 years.
Having set a target of Rs 1 lakh crore revenue from its FMCG business by 2030, diversified ITC is looking to create "world-class Indian brands" by leveraging on its enterprise strengths.
According to Motilal Oswal estimates, cigarette volume decline to moderate by 1-6 percent on annual basis. Some analysts are expecting flat to marginally positive volumes. If volumes manage to register growth, it will be after 11 straight quarters. Price hikes were seen in Classic and Goldflake.
‘Yippee‘ noodles of Sunfeast by ITC and ‘Bambino Macaroni‘ by Bambino Agro Industries were banned on Thursday, FDCA commissioner H G Koshia said.
Reliance Securities maintains its “Accumulate†rating on ITC with a price target of Rs 375 apiece.
Diversified business group ITC is understood to be gearing up to invest up to Rs 1,000 crore in the FMCG segment in the next four years which will include setting up new facilities and enhancing existing capacities.
Multi-business conglomerate ITC that makes food products under brands such as Sunfeast and Bingo today said raw material costs are likely to go up by around 3% in the next two- three months, but ruled out any major price hike for consumers.