ITC, the Indian conglomerate, has overtaken Hindustan Unilever (HUL) to become the largest FMCG company in India by market capitalization. ITC’s market capitalization is now ₹6.15 lakh crore, while HUL’s is ₹6.11 lakh crore.
The change in ranking comes after a strong performance by ITC in the past few months. The company’s stock price has risen by more than 20% in the past year, while HUL’s stock price has fallen by more than 5%.
There are a few factors that have contributed to ITC’s strong performance. First, the company has been expanding its non-cigarette businesses, such as its packaged foods and hotels businesses. Second, ITC has been investing heavily in new product development and marketing. Third, the company has been benefiting from the growth of the Indian economy.
HUL, on the other hand, has been facing some challenges. The company’s core food and beverage business has been facing competition from new entrants, such as Patanjali Ayurved. HUL has also been struggling to grow its international business.
The change in ranking is a significant development in the Indian FMCG industry. ITC is now the only Indian company to be ranked among the top 100 companies in the world by market capitalization. The company’s strong performance is a sign that it is well-positioned to continue to grow in the years to come.
Here are some additional details about the news:
- ITC’s market capitalization surpassed HUL’s on July 19, 2023.
- The change in ranking is the first time that ITC has been the largest FMCG company in India since 2010.
- ITC’s strong performance is a sign that the company is diversifying its business and becoming more competitive.
- HUL’s challenges are a reminder that even the largest FMCG companies in India are facing competition from new entrants and changing consumer preferences.
The change in ranking is a significant development in the Indian FMCG industry. It is a sign that ITC is well-positioned to continue to grow in the years to come. However, it is also a reminder that the industry is facing challenges, and that HUL and other companies will need to adapt to these challenges in order to remain competitive.