Moneycontrol
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Tune in on 17th July for the Small Business Virtual Summit with Cisco. Register now!
Last Updated : Jun 29, 2020 06:45 AM IST | Source: Moneycontrol.com

Buy ITC; target of Rs 250: ICICI Direct

ICICI Direct is bullish on ITC recommended buy rating on the stock with a target price of Rs 250 in its research report dated June 27, 2020.

Broker Research @moneycontrolcom
 
 
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ICICI Direct's research report on ITC


ITC reported a dismal set of numbers with cigarette volumes down ~12% on account of 10 days loss of sales in March. The tax incidence increased 13% in Budget while the company took a blended price hike of 9% to cover this hike. Revenues fell 6.4% (net of excise dip of 9.6%) impacted by supply chain & manufacturing disruption. Operating profit also declined 8.9%. However earnings witnessed growth of 9.1%, mainly on account of a cut in corporate tax and reassessment of deferred tax liability.



Outlook


We value the stock on SOTP based method valuing cigarette business at 12x PE & FMCG business at 5x price to sales with a target price of Rs 250/share.




For all recommendations report, click here

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

First Published on Jun 29, 2020 06:45 am
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