Brokerages have maintained a buy rating on ITC as its FMCG business performed better than market expectations in the September quarter. The stock ended down 0.7 per cent at Rs 172.80 on Monday. The company on Friday posted a 19.65 per cent drop in standalone net profit to Rs 3,232.40 crore. Revenue from FMCG business rose to Rs 8,916.25 crore from Rs 8,615.14 crore in the same quarter last year. Antique, IIFL, Elara, Jefferies, Kotak Institutional and CLSA have maintained buy ratings on the stock. “FMCG 2QFY21 performance confirms our thesis of K-shaped business recovery. Industry tailwinds, multiple margin levers and falling capex are likely to support healthy FMCG profit,” said CLSA, raising estimates by 3-4 per cent on improved fundamentals. At 14.5 times FY22 earnings, valuation appears to be compelling while a higher payout implies an attractive 5 per cent dividend yield, said Jefferies, maintaining a target price of Rs 265 on the stock.79140774
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Monday, November 9, 2020
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Orai is a city and a municipal board in Jalaun district in the Indian state of Uttar Pradesh. It is the district headquarters for Jalaun District.
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