Hold ITC with target Rs 350: Religare

Gaurang Kakkad, Vice President- Institutional Research at Religare Capital Markets told CNBC-TV18, "Hold ITC with a price target of Rs 350. The stock has come off over the last week or so by 5 odd percent but valuations is not dearth cheap, it still trading around 24-25 times on FY15 basis."

"If there is an out and out beat in terms of cigarette volumes or in terms of cigarette EBIT growth which in last quarter was 18 percent cigarette EBIT growth, which is a key number to watch out for and if they do anything between 16-18 percent for the quarter then that should be taken positively," he added.
At 12:15 hrs ITC was quoting at Rs 344.90, up Rs 2.35, or 0.69 percent.
The share touched its 52-week high Rs 380 and 52-week low Rs 282 on 24 July, 2013 and 11 January, 2013, respectively.