ITC Ltd (ITC)

ITC Shares Surge After Budget 2024 Leaves Tobacco Taxes Unchanged - 24 Jul, 2024

ITC shares hit an all-time high after Jefferies upgraded the stock to buy and raised its target price to Rs 585 per share. The Union government left tobacco taxes unchanged in Budget 2024-25, which is seen as positive news for the company. Brokerage firm Macquarie initiated coverage on ITC with a price target of Rs 535. Additionally, ITC reclaimed its position as the world's third-largest tobacco company with a market capitalisation of $73.8 billion.

ITC Stock Rises 6% on Budget Day; Jefferies Double-Upgrades with New Target - 23 Jul, 2024

ITC Ltd's stock rose 6% on Budget Day, closing at Rs 492 per share. Brokerage Jefferies has double-upgraded the stock from hold to buy and set a new target of Rs 585. The company's EPS was also upgraded by 1-2%. Analysts believe that ITC is well-placed to accelerate cigarette revenue growth through a blend of volumes, price hikes, and better mix.

Macquarie Assigns Outperform Rating on ITC; Analysts Bullish on Scrip - 22 Jul, 2024

Global brokerage firm Macquarie has assigned an Outperform rating on ITC Limited with a target of Rs 535. Additionally, analysts are bullish on ITC scrip and suggest buying for 2-3 days with a target of Rs 500. Anand Rathi Shares and Stock Brokers' Head Fundamental Research also picked ITC as a top Budget pick.

ITC Shares Hit Six-Month High on Steady Earnings Growth Hopes - 19 Jul, 2024

Shares of ITC Ltd. reached a six-month high on hopes of steady earnings growth and stability in taxes for its cigarette business. Analysts predict revenue CAGR of 6.5%, volume CAGR of 3.5%, and EBIT growth of 6.5% during FY24-26E with steady macros and taxes.

ITC Ltd Rises for Fifth Straight Session - 18 Jul, 2024

ITC Ltd stock has risen 10.5% in the last month and is up 0.56% on the day, while Nifty FMCG index rose around 7.51% in the same period. The volume of shares traded today was 118.29 lakh compared to the daily average of 157.41 lakh shares in the last month.

Emkay Global Downgrades ITC to Add, Sets Target Price of Rs 460 - 17 Jul, 2024

ITC Ltd faces near-term business pressures such as cigarette margin stress, demand in the paper business, and a slowdown in agriculture. Emkay Global downgraded ITC to add citing these challenges but has a positive outlook on its diversified businesses due to favorable macroeconomic factors. The consensus target price for ITC is Rs 495.79 apiece with 30 out of 34 analysts recommending a buy call.

ITC Implements Climate-Smart Practices; JM Financials' Top Stock Picks Ahead of Budget - 16 Jul, 2024

ITC is implementing climate-smart practices to de-risk farmers from erratic weather events. Any increase in excise duty or NCCD duty on cigarettes and tobacco products would be negative for ITC, according to JM Financial's top stock picks ahead of the budget.

ITC's Steady Growth Leads to Positive Outlook - 15 Jul, 2024

ITC's core businesses of cigarette and FMCG are seeing steady growth. Motilal Oswal reiterates a BUY rating with a target price of Rs 500. On July 15, ITC was among the top index movers that led the supports for the Nifty 50 and Sensex to settle at their fresh closing highs.

ITC's Aashirvaad and Sunfeast Brands See Increase in Sales - 14 Jul, 2024

ITC Ltd's Aashirvaad brand has reported sales of over Rs 8,000 crore while Sunfeast has done sales of over Rs 5,000 crore. Five ITC brands including Mangaldeep, Bingo, Yippee!, Classmate, and Sunrise sit in the Rs 1,000-crore list.

FMCG Stocks Underperform in 2024, ITC Ltd Affected - 11 Jul, 2024

ITC Ltd has seen price erosion in H1 2024 due to weak demand and inflation. However, the FMCG sector is showing signs of gradual recovery with summer portfolio performing well. The sector is expected to see a 7-9% revenue growth in FY25 driven by higher volumes and rural revival.

ITC Launches Dil se Karo Baat, Bhagwan Ke Saath Campaign - 10 Jul, 2024

ITC Mangaldeep has launched a new campaign celebrating the universal bond between humans and God. The initiative aims to resonate with believers by emphasising the role of spiritual devotion in daily life.

ITC Stock Rises on Steady Growth Expectations - 09 Jul, 2024

ITC Ltd's stock has risen for the fifth consecutive day and hit a five-month high due to expectations of steady growth in its core cigarette and FMCG businesses. Analysts predict gross revenue growth of ~9% for cigarettes and high-single digit growth for other FMCG. An analyst has recommended a buy call on ITC with a target price of Rs 470.

ITC Ltd Among Key Firms with High Dividend Yield - 08 Jul, 2024

ITC Ltd is among the top 10 firms in India with a high dividend yield of 2.9%, according to reports. Other companies on the list include Power Grid Corporation of India and FMCG major, ITC.

ITC Ltd's Growth Outlook Uncertain Ahead of Budget - 05 Jul, 2024

ITC Ltd's growth outlook is uncertain ahead of the upcoming budget. While management plans to expand its product portfolio, a potential hike in excise duty on cigarettes could hurt demand. Muted rural trends and tepid demand in packaging industry also pose challenges.

ITC Expands FMCG Portfolio; MOFSL Reiterates Buy Rating - 04 Jul, 2024

ITC aims to accelerate exports by expanding its FMCG portfolio to over 70 countries. E-commerce and modern trade together accounted for 31% of total sales in FY24. MOFSL has reiterated a Buy rating on the ITC stock with a target price of Rs 500. The Indian cricket team was welcomed at ITC Maurya hotel with special arrangements.

ITC Expands FMCG Export Footprint - 03 Jul, 2024

ITC Ltd has expanded its FMCG export footprint to over 70 countries with the launch of Sunfeast Dark Fantasy Choco Fills in Nepal. This comes after ITC subsidiary Surya Nepal Private Limited commissioned a biscuit manufacturing line facility near Biratnagar in eastern Nepal.

ITC's Expansion Plans and Dividend Yield - 02 Jul, 2024

ITC Limited expands its FMCG portfolio to over 70 countries and opens a new resort in West Bengal while offering a strong dividend yield of 3.20%. However, FDI restrictions on tobacco companies are being considered, causing a drop in share prices.

ITC Reports Modest Growth in Consumer Spending - 01 Jul, 2024

ITC's annual report reveals a 12% increase in consumer spending on its FMCG products, excluding cigarettes, in FY24. The rise is attributed to weak demand and competitive intensity.

ITC Reports Increase in High-Earning Employees and Profitability - 30 Jun, 2024

ITC Ltd has reported a significant increase in the number of employees earning over Rs 1 crore annually, highlighting the companys expanding operations and profitability. Additionally, ITC surpassed Britannia Industries to become Indias second-largest listed packaged foods company by sales. The company also expanded its rural distribution and scaled up its AgriTech digital platform.

ITC Becomes Second-Largest Packaged Foods Company in India - 29 Jun, 2024

ITC has surpassed Britannia Industries to become the second-largest listed packaged foods company in India, trailing only behind Nestle. The conglomerate's FMCG business reported a 12% YoY growth in consumer spends for FY24, while its chairman and executive directors' net remuneration jumped by 45-96%.