Result Update: ITC Ltd - BUY - TP Rs.318 - Kotak

ITC's 3QFY18 results were broadly in line with estimates, with lower agri-business revenues having a modest negative impact. We continue to think positively of ITC compared with broader FMCG space: 1/ we expect that tax hikes, going forward, will be manageable, 2/ ITC has the advantage of being relatively less impacted by raw material price increases and 3/ valuations are at a significant discount to FMCG companies. We maintain BUY, and raise our price target to Rs 318 (Rs 305 earlier, as we roll forward to FY20E).

Shares of ITC LTD. was last trading in BSE at Rs.280.85 as compared to the previous close of Rs. 281.5. The total number of shares traded during the day was 1437188 in over 11010 trades.

The stock hit an intraday high of Rs. 282.8 and intraday low of 277.05. The net turnover during the day was Rs. 402799136.

Source : Equity Bulls

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