ITC shares fall marginally, Tata Motors down 1% ahead of Q3 results today: Here's what brokerages expect

ITC shares fall marginally, Tata Motors down 1% ahead of Q3 results today: Here's what brokerages expect

• ITC shares dipped 0.8% ahead of Q3 results, impacted by cigarette tax hike
• Tata Motors dropped 1.2% pre-Q3 results, despite 18% commercial vehicle sales rise.
• Both companies face mixed analyst ratings and recent stock volatility

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ITC shares fell marginally on January 29 ahead of December quarter results scheduled to be announced later in the day while shares of India's top commercial vehicle maker Tata Motors also declined ahead of Q3 results.

ITC dips ahead of Q3 results:

Shares of consumer goods maker ITC dipped 0.8% to Rs 318.7 apiece ahead of Q3 results on January 29.

At least six brokerages downgraded company's shares earlier in January after government's new tax on cigarettes - its biggest segment - was seen hitting earnings growth.

Nirmal Bang Equities gave a "hold" rating on the stock and slashed price target to Rs 335 from Rs 495 and expects 5% YoY rise in quarterly profit; cigarette excise duty hike expected to weigh on near-term cigarette vols, resulting in lower target multiples compared to the past.

PhillipCapital gave a "buy" rating for the stock and target price of Rs 480 and expects 8% growth in company's revenue, supported by FMCG business's 7-8% growth, with some impact from GST-linked channel disruption

The company posted 7.1% rise in Q2 revenue, supported by solid growth in its cigarettes and packed goods businesses.

ITC stock dropped 12% in 2025 and the stock has been down 20% so far in January.

Tata Motors slips ahead of results:

Shares of India's top commercial vehicle maker Tata Motors fell 1.2% to Rs 462.5 apiece ahead of December quarter results on January 29.

Sales of commercial vehicles in India rose 22% across all segments during the December quarter, with those of Tata Motors rising 18% after the government cut taxes on commercial vehicles to 18% from 28%

Tata Motors split from the group's passenger vehicles arm in October and made its trading debut as a separate entity in November

Nomura said clear improvement in fleet operator economics, driven by lower GST cuts and better freight rates, will lead to higher profitability

The company is expected to take a hit from a one-time charge due to new labour codes implemented in November last year.

The shares rose 38% since their listing on November 12, 2025, at Rs 335 apiece.

Follow all LIVE updates from Q3 results here.