ITC gains 1.2% after worst fall in two decades. Is the worst over?

Here's how brokerages and research houses have reacted to the govt's move to hike cess on cigarettes

ITC rose marginally on Wednesday morning, gaining 1.3% or Rs 3.3 to Rs 287 levels, after the stock witnessed its sharpest fall in nearly two decades – down 13% on closing basis – on Tuesday. The fall came after the Goods and Services Tax (GST) Council, on Monday, increased cess on cigarettes. 

The development saw brokerages revise their FY18 earnings estimates and the price target for ITC’s stock. Here is a quick compilation of what they said.

NOMURA

While the news is a negative for the