ITC slips after brokerages downgrade

ITC fell 1.98% to Rs 276.80 at 11:14 IST on BSE after a couple of brokerages reportedly downgraded their ratings on the stock.

Meanwhile, the S&P BSE Sensex was down 179.22 points, or 0.56% to 31,630.33.

On the BSE, 1.84 lakh shares were traded in the counter so far, compared with average daily volumes of 11.71 lakh shares in the past one quarter. The stock had hit a high of Rs 281 and a low of Rs 276.25 so far during the day. The stock hit a record high of Rs 353.20 on 3 July 2017. The stock hit a 52-week low of Rs 222.05 on 26 December 2016.

The stock had outperformed the market over the past one month till 5 September 2017, rising 0.86% compared with 1.44% decline in the Sensex. The scrip had underperformed the market in past one quarter, falling 9.55% as against Sensex's 1.72% rise. The scrip had underperformed the market in past one year, rising 7.64% as against Sensex's 9.77% rise.

The large-cap company has equity capital of Rs 1218.03 crore. Face value per share is Re 1.

According to reports, brokerages expects ITC cigarette volume to decline by 4% in financial year ending March 2018. ITC's cigarette business is expected to remain impacted by regulatory pressures.

ITC's net profit rose 7.4% to Rs 2560.50 crore on 0.8% decline in net sales to Rs 9876.45 crore in Q1 June 2017 over Q1 June 2016.

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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