ITC inches up ahead of Q1 results

Analysts expect EBITDA margin to expand by 108 basis points

ITC has moved higher by almost 2% at Rs 255, bouncing back 3% from day’s low ahead of its Q1FY13 results scheduled to be announced on Thursday.

The stock opened at Rs 251 and hit a low of Rs 249 in intra-day deals and has a rise in trading volume. A combined 4.8 million shares have already changed hands so far, as against an average of around 3 million shares that were traded daily in past two weeks on both the exchanges.

Meanwhile, technical analysts at IIFL, recommend buying the stock above Rs 257 with stop loss of Rs 252 for target of Rs 267 in next seven days.