Seoul, Aug 6 (IANS) Major highways in Seoul were partly closed on Thursday, with the first flood alerts issued after nine years, as heavy rains have increased the water level of the Han river that flows through the South Korean capital city.
Several sections of the Dongbu Urban Expressway, Seoul Inner Loop, Olympic-daero and Gangbyeon Northern Highway have been closed to traffic due to the inner city river's increased water level, reports Yonhap News Agency.
As heavy rains continued to batter the country's metropolitan and central regions, authorities opened the floodgates of Soyang River Dam and Paldang Dam a day earlier.
Meanwhile, the water level over Jamsu Bridge reached a record high level of 11.3 metres , completely submerging it.
The previous highest point was 11.03 metres posted in the July monsoon in 2011, according to the Han River Flood Control Center.
A total of 11 of Seoul's 25 wards, including Yongsan, Gangnam, Seocho and Mapo, are at risk of flooding because of the river's swelling water level, according to authorities.
At least 16 people have been killed in rain-related incidents so far, while over 15 remained missing as of Thursday and more than 1,600 people were displaced from their homes.
New Delhi, Sep 28 (IANS) Investment experts have projected a positive turnaround for the ITC stock with 41 out of 43 analysts on Bloomberg giving a "buy" or "Hold" call for the stock.
As per JM Financial, the addressable opportunity for ITC is still $ 22 billion - larger than even HUL's 'size of markets' and more than three times that of Nestle India's.
ITC in FY30 could clock an FMCG EBITDA that is higher than the combined FY20 EBITDA of Nestle India, Britannia, Tata Consumer, JM Financial said.
It said that ITC's FMCG segment is possibly one of the most under-appreciated businesses in the Indian consumer space in recent times.
"We suspect the market may not have taken a holistic look yet; our understanding of Indian consumer categories tells us that ITC FMCG today addresses market opportunities that are Rs 2.1 trillion ($ 28 billion) in size in aggregate. Even if one excludes a couple of nascent Dairy products from the portfolio, the addressable opportunity for ITC is still $ 22 billion - larger than even HUL's 'size of markets' and more than three times that of Nestle India's," it added.
"Profitability is low at present, but we reckon that with investment-phase largely done (though some new categories are still in incubation stages), profits and cash-generation would get much bigger here onwards," the report said.
As per Centrum Broking, "In our deep dive analysis into ITC's foods business we conclude that it is at the cusp of a take-off both in terms of top-line and margins."
"ITC is emerging as a foods company, more comparable to Nestle than HUL. Branded packed food consistently gaining saliency given the management focus (saliency increased from 71 per cent of other FMCG in FY14 to 81 per cent in FY20)," it added.
It is the only company which has successful brands from staples (Aashirvaad) to RTC and RTE (Sunfeast, Bingo, Yippee etc.).
ITC has made consistent investments in brand building over the past decade helping create brands across the branded packed food categories from staples a and dairy to RTC and RTE. Aashirvaad, Sunfeast, Bingo and Yippee now account for Rs 60 billion, 40 billion, 27 billion and 13 billion in consumer spend terms.
As per BNP Paribas, there is a faster than expected recovery in ITC's cigarette business. The catalyst for ITC is a faster than expected recovery in cigarette volumes and higher than expected margin expansion in the FMCG business.
As per B&K Securities, a turnaround in cigarette volumes is expected from September onwards. "We believe the gradual lifting of start/stop lockdowns in most states, opening up of bars/clubs in some states and more attendance in offices due to lesser fears from Covid-19 will lead to the marginal smoker slowly coming back. Given the fact that 30 per cent of the smokers' user base comprises of non-regular smokers who have been impacted by the start/stop lockdowns, we feel the industry figures will start looking up from September 2020," it added.