Buy ITC, target price Rs 290: Sharekhan

Sharekhan has buy call on ITC with a target price of Rs 290. The current market price of ITC is Rs 274.
Time period given by analyst is Intra Day when ITC Ltd. price can reach defined target.

ITC Ltd., incorporated in the year 1910, is a Large Cap company (having a market cap of Rs 337718.83 Crore) operating in Tobacco sector.


ITC Ltd. key Products/Revenue Segments include Packaged Food Item, Agricultural Products, Paper & Paper Boards, Others, Tobacco Unmanufactured, Service (Hotel), Printed Materials, Other Operating Revenue for the year ending 31-Mar-2022.


Financials
For the quarter ended 31-03-2022, the company reported a Consolidated Total Income of Rs 18252.64 Crore, down -2.85 % from last quarter Total Income of Rs 18787.72 Crore and up 22.32 % from last year same quarter Total Income of Rs 14921.76 Crore. Company reported net profit after tax of Rs 4259.68 Crore in latest quarter.

Investment Rationale
After a short-term consolidation near key daily moving averages tock has resumed larger uptrend.

Promoter/FII Holdings
Promoters held 0 per cent stake in the company as of 31-Mar-2022, while FIIs owned 14.51 per cent, DIIs 40.26 per cent.