Buy ITC shares - check price target 2023 | ITC Q3 Results 2023 Date

ITC Share Price NSE: ITC shares are in focus ahead of the Union Budget amid concerns about a hike in the tax on cigarettes. Shares of the FMCG major on Wednesday ended with nearly 1 per cent gain at Rs 335.10 on NSE.

The cigarette-to-hotel conglomerate had on Tuesday evening announced the acquisition of Sproutlife Foods, which owns the direct-to-consumer (D2C) brand Yoga Bar. The Kolkata-headquartered company signed a binding term sheet to acquire a 100 per cent stake in the Yoga Bar maker over a period of 3-4 years.

ITC Share Price Target 2023

Market expert and Zee Business panellist Shubham Agarwal has recommended buying the shares of ITC for a price target of Rs 400 in the next 2-3 months. He said that one ca but the shares with a stop loss at Rs 300.

He said that a decent pullback has been witnessed in the counter. The stock is available at good bargain rates and a breakout is expected in the future.

ITC stock has delivered a return of more than 51 per cent in past 1 year.  The stock's 52-week range is Rs 361.45 - Rs 207. At current levels, the company has a market cap of Rs 4.15 lakh crore.

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ITC Q3 Results 2023 Date, Expectation 

ITC is likely to declare its third quarter result soon. Domestic brokerage house ICICI direct said that ITC in the third quarter is expected to witness 5.9 per cent revenue growth on the back of strong growth in cigarettes, FMCG, paperboard and hotels business. Agri business is expected to see sales decline mainly due to restriction on wheat and rice exports during the quarter. It estimates 10.3 per cent cigarettes sales growth led by 7 per cent volume growth.

FMCG business is expected to see strong 19.2 per cent growth led by traction in discretionary categories, price hikes taken in the last one year and recovery in education and stationary business. Paperboard segment is expected to see strong pricing & volume growth.

Its hotels business is likely to see strongest occupancies and ARRs since Covid-19 outbreak. Agri business is likely to see 7.6 per cent sales decline mainly on account of export restriction on many agri commodities. "We estimate 12.6 per cent growth in operating profit on account of operating leverage in cigarettes & softening of palm oil prices. We estimate 8.4 per growth in net profit during the quarter," it said in a research report.

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