ITC top FMCG pack, but not to be market leader: Harendra Kumar

In a chat with ET Now, Harendra Kumar, Managing Director-Institutional Equities, Elara Capital shares his view on ITC.

ET Now: What is your take on ITC, those who bought ITC a year ago they have not made any money at best ITC has been a market performer?
Harendra Kumar: Absolutely if you look at the FMCG pack overall, it is going to struggle over the next 12 months in terms of perception and in terms of valuation.

The Economic Times also did a study today that the leading stocks are at 40,000 index levels. That means incremental gains from here on could be more tougher to get by. So my guess is, people will hold it in portfolios but to expect outperformance would be asking too much for ITC from here on, yes it will do better than rest of the pack but to do better than rest of the market or some of the stocks that we have been discussing that will be a little difficult.