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• ITC's Profit Rises at Fastest Pace in Seven Quarters (Update2) 

ITC Ltd., India's biggest tobacco maker, said third-quarter profit rose at the fastest pace in seven quarters on higher cigarette sales and rising occupancy rates at its network of hotels, the country's second-largest.

Shares of ITC rose after the Kolkata-based company said net income gained 34 percent in the three months to Dec. 31 to 7.17 billion rupees ($162 million), or 1.9 rupees a share, from 5.37 billion rupees a year earlier. Six analysts surveyed by Bloomberg forecast profit at 6.98 billion rupees. Sales rose 24 percent to 31.66 billion rupees.

The fastest pace of wages growth in Asia is giving smokers more cash to spend on ITC's 30 brands of cigarettes, driving a 14 percent rise in sales of the products. Cigarettes account for only 14 percent of tobacco consumption in India, giving ITC room to attract consumers of hand-rolled bidis or chewing tobacco.

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