ITC gains after foreign brokerage reiterates 'buy' call

ITC rose 0.78% to Rs 250.75 at 11:49 IST on BSE on reports a foreign brokerage reiterated 'buy' call on the stock with a target price of Rs 290 a share after cigarette price hike.

Meanwhile, the BSE Sensex was down 39.23 points, or 0.14%, to 27,248.94.

On the BSE, so far 1.62 lakh shares were traded in the counter, compared with average daily volumes of 10.04 lakh shares in the past one quarter. The stock had hit a high of Rs 251.90 and a low of Rs 248.75 so far during the day.

The stock hit a 52-week high of Rs 266 on 6 September 2016. The stock hit a 52-week low of Rs 178.76 on 29 February 2016. The stock had outperformed the market over the past 30 days till 16 January 2017, rising 9.82% compared with the 3.01% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 1.22% as against Sensex's 2.72% decline.

The large-cap company has equity capital of Rs 1212.14 crore. Face value per share is Re 1.

According to reports, ITC increased rates of two of its mid-market cigarettes by up to 15% in late December 2016.

ITC's net profit rose 10.5% to Rs 2500.03 crore on 9.6% increase in net sales to Rs 9535.47 crore in Q2 September 2016 over Q2 September 2015.

ITC is a diversified company, with presence in cigarettes, hotels, paperboards & specialty papers, packaging, agri-business, packaged foods & confectionery, information technology, branded apparel, personal care, stationery and other FMCG products. ITC is a market leader in cigarettes.

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