According to Phani Sekhar, Fund Manager of Angel Broking, one may book profits in ITC and wait for better opportunities in some other sectors.
Phani Sekhar, Fund Manager of Angel Broking told CNBC-TV18, "The Q1 topline numbers were nothing extraordinary in ITC . Its just the expansion in the margins that actually saw the bottomline show an impressive performance and from hereon margins have very little upside to grow. It has far more downsides considering the kind of volume slowdown which one is seeing in sectors such as FMCG."
"So, considering all this and the very lofty valuations that it is trading at, I think one would not lose much by booking profits. It will be a good idea for investors to book profits and then wait for better opportunities in some other sectors," he said.
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Market technically overbought; paper supply to weigh: Dutt