Top 3 business stories of Oct 10: ITC to sell entire stake in US based subsidiary for around Rs 160 crores and more

1. ITC to sell entire stake in US based subsidiary 'King Maker Marketing' for around Rs 160 crores

Indian diversified retail conglomerate Indian Tobacco Company will sell its entire stake in US-based wholly owned subsidiary 'King Maker Marketing' for USD 24 million (about Rs 160 crore). 

King Maker Marketing, registered in the state of New Jersey, USA, is engaged in the distribution of ITC manufactured cigarette products in the US market. "The Corporate Management Committee has approved divestment of company's entire shareholding in King Maker Marketing, Inc, USA, a wholly owned subsidiary, along with assignment of certain trademarks owned by the company," ITC said in a BSE filing.

Also Read: ITC to sell entire stake in US based subsidiary 'King Maker Marketing' for around Rs 160 crores

2. HTC slashes price of 'HTC 10' smartphone by Rs 5,000 to make it a lucrative buy

HTC slashed the price of the HTC 10 smartphone by Rs. 5,000 to Rs. 47,990 in the Indian market.

HTC had unveiled its flagship smartphone 'HTC 10' for Indian markets in May this year. The company launched the smartphone with a marketing strategy of countering the direct competition from Samsung's flagship 'Galaxy' phones.

Also Read: HTC slashes price of 'HTC 10' smartphone by Rs 5,000 to make it a lucrative buy

3. Stock Markets make a strong recovery post three-day losing streak

The BSE Sensex ended with a gain of 21 points at 28,082 on Monday. It opened at 28,144, touched an intra-day high of 28,217 and low of 28,068. The NSE Nifty closed with a gain of 17 points at 8,715 on Monday. It opened at 8,735, hit a intra day high of 8,746 and low of 8,704.

The Indian equity market made a recovery from a three-day losing streak, as the Sensex gained by over 150 points in the morning session. The domestic market traded flat following tepid global trends.

Also Read: Stock Markets make a strong recovery post three-day losing streak