Buy ITC, target price Rs 193: Edelweiss

Edelweiss has given a buy rating to ITC with a target price of Rs 193. The share price moved up by 1.04 per cent from its previous close of Rs 178.35. The stock’s last traded price is Rs 180.20.

ITC Ltd., incorporated in the year 1910, is a Large Cap company (having a market cap of Rs 219460.33 Crore) operating in Tobacco sector.

Financials
For the quarter ended 30-09-2020, the company reported a Consolidated sales of Rs 13147.81 Crore, up 35.24 % from last quarter Sales of Rs 9722.04 Crore and up 3.04 % from last year same quarter Sales of Rs 12759.44 Crore Company reported net profit after tax of Rs 3418.69 Crore in latest quarter.


Investment Rationale
Stock has given a range breakout with huge candles. RSI index also gave a close above 60 for the first time since August month, which is a bullish sign. We believe the stock will see huge momentum in the coming days.

Promoter/FII Holdings
Promoters held 0 per cent stake in the company as of Sept 30, 2020, while FIIs held 13 per cent, DIIs 39.6 per cent and public and others 47.4 per cent.