ITC stocks trade positive: Buy, Sell or Hold? Expert suggests strategy - check price target
ITC Share Price: 2-3 days of correction in ITC is over and that the cigarettes-to-hotel conglomerate is ready to show good move. He suggested long time investors to adopt buy on dips strategy.
ITC Share Price: ITC stocks trade in positive territory even as frontline indices showed some weakness amid weak global market trends. At 1:30, ITC stocks quoted Rs 345.25 apiece on NSE and Rs 345 on BSE.
According to Zee Business panellist and market expert Kunal Saraogi, the 2-3 days of correction in ITC is over and that the cigarettes-to-hotel conglomerate is ready to show good move. He suggested long time investors to adopt buy on dips strategy.
He said that the counter can deliver a return of up to 4 per cent in the short term. The short term target on ITC, he said, would be Rs 350 and Rs 356. He suggested maintaining a Stop Loss at Rs 338.
ITC Share Price History
The share of Kolkata-based company started its upward journey in February this year and since then it has gained more than 55 per cent. On January 2, the first trading day of the year, ITC share price was Rs 219.10. ITC share price has since then added over Rs 125 apiece, resulting in wealth gains for investors.
With bulls charging ITC shares this year, the company's market cap also crossed Rs 4 trillion on September 2 for the first time in 5 years. ITC market cap had last touched Rs 4 trillion in 2017. The 52-week range of ITC stock is Rs 361.45 - Rs 207.
The Kolkata headquartered company in the July-September quarter of FY23 reported net profit of Rs 4,466 crore, rising nearly 21 per cent Year-on-Year (YoY). The revenue-net of excise duty-increased nearly 27 per cent to Rs 16,129.91 crore YoY.
Gross Revenue stood at Rs 16,971 crores representing a growth of 27.1 per cent YoY while earnings before interest, taxes, depreciation, and amortization (EBITDA) at Rs 5,864 crores also grew by 27.1 per cent YoY. Earnings Per Share for the quarter was Rs. 3.6 (previous year Rs. 3.0). Total expenses during the quarter stood at Rs 12,824 crore, up 25 per cent over Rs 10,258 crore of the corresponding period last year.
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