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Jul 12, 2012, 08.23 AM IST
Nitin Mathur, consumer research analyst, Espirito Santo, says that volume growth in FY13 is a concern, considering 12% price hike which the company has undertaken to off set excise duty which came in the Union Budget.
Nitin Mathur, consumer research analyst, Espirito Santo, says that volume growth in FY13 is a concern, considering 12% price hike which the company has undertaken to off set excise duty which came in the Union Budget. ITC is a great business but the stock has run up quite a bit far from our fair value of Rs 200.
Below is the edited transcript of his interview to CNBC-TV18. Also watch the accompanying video. Q: How detrimental would this hike in VAT in UP be for ITC? A: Volume growth in FY13 is a concern, considering 12% price hike which the company has undertaken to off set excise duty which came in the Union Budget. ITC is a great business but the stock has run up quite a bit far from our fair value of Rs 200. We remain nervous around such news and hence we maintain a sell rating on ITC. Q: What is your volume growth and stock price target?
A: Expect minus 5% volume growth in FY13 and Rs 200 as fair value.
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