Buy ITC, target price Rs 360: Religare Broking

Religare Broking has buy call on ITC with a target price of Rs 360. The current market price of ITC is Rs 338.2. Religare Broking recommended to keep stop loss at Rs 325.

ITC, incorporated in the year 1910, is a Large Cap company (having a market cap of Rs 420280.78 Crore) operating in Tobacco sector.

ITC 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 30-09-2022, the company has reported a Consolidated Total Income of Rs 19062.68 Crore, up 1.34 % from last quarter Total Income of Rs 18810.18 Crore and up 24.49 % from last year same quarter Total Income of Rs 15313.15 Crore. Company has reported net profit after tax of Rs 4670.32 Crore in latest quarter.

The company’s top management includes Mr.Sanjiv Puri, Mr.Shyamal Mukherjee, Mr.Mukesh Gupta, Mr.Navneet Doda, Mr.Sunil Panray, Mr.Hemant Bhargava, Ms.Nirupama Rao, Ms.Meera Shankar, Mr.Arun Duggal, Mr.Shilabhadra Banerjee, Mr.David Robert Simpson, Mr.Ajit Kumar Seth, Mr.Anand Nayak, Mr.Sumant Bhargavan, Mr.Nakul Anand, Mr.Supratim Dutta. Company has S R B C & Co. LLP as its auditors. As on 31-12-2022, the company has a total of 1,241 Crore shares outstanding.

Investment Rationale
Chart pattern signalling resumption of uptrend, after forming base around medium-term moving average.