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Revenue from the mainstay cigarette business grew more than 23% on year to Rs 6,953.80 crore. Cigarettes constitute more than 80% of ITC’s net profit and about 45% of its topline. The hotel business saw a sharp recovery on the resumption of business and leisure travel. This segment’s revenue rose by a whopping 82% on year to Rs 536 crore.

The 10-year Treasury yield hit 4.291%, a level last seen in December 2007. The yield was last up 5 basis points (bps) at 4.274%. It was on track for its biggest weekly gain since April, having risen 27 bps since Monday.

Earnings before interest, taxes, depreciation and amortization (EBITDA) for the quarter grew nearly 8% on year to Rs 3,377 crore, while operating margin contracted by 172 basis points to 22.89%.

Both the topline and bottomline figures were below the market estimate. An ET Now poll had estimated PAT at Rs 4,619 crore while revenue was expected at Rs 22,912 crore.

Provenance, or the record of ownership from the artist to the eventual buyer or collector, is absolutely critical for the sale and purchase of physical artworks and till now, the only option was a physical paper trail. With the coming of the NFT, there is now the option of digital records of sales and purchases which cannot be tampered with.

Standalone profit for the three months ended Sept.30 was Rs 138 crore ($16.68 million), compared with a profit of Rs 441 crore a year ago. Revenue rose to 13.38% to Rs 3670 crore. Analysts, on average, had expected the company to report a profit of Rs 470 crore, according to IBES data from Refinitiv.

The rupee ended at 82.6750 on Friday, compared with 82.7600 in the previous session. For the week, the rupee was down 0.4%. Over the last six weeks, the local unit has dropped about 4%.

The asset quality of the bank improved substantially as gross non-performing assets (NPAs) fell to 1.65 per cent of gross advances by the end of September 2022 from 4.11 per cent a year ago.

The Nifty IT index closed 0.34 per cent down at 28336.95.

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