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      ITC spurts on reports foreign brokerage maintains buy call

      MoM Team / Mumbai, Mar 17, 2017 10:17 AM IST

        ITC spurts on reports foreign brokerage maintains buy call

        ITC zoomed more than 7 percent to Rs 287 on BSE on media report that a foreign brokerage has maintained a 'buy' rating on ITC with a 12-month target price of Rs 325.

        Meanwhile, the S&P BSE Sensex was up 122.73 points, or 0.41 percent to 29,708.58.

        On the BSE, 11.84 lakh shares were traded in the counter so far, compared with average daily volumes of 10.82 lakh shares in the past one quarter.

        The stock had hit a high of Rs 289 and a low of Rs 276 so far during the day. The stock hit a record high of Rs 291.95 on 7 February 2017. The stock hit a 52-week low of Rs 204.10 on 6 May 2016.

        The stock had underperformed the market over the past one month till 16 March 2017, falling 1.90 percent compared with 5.08 percent rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 18.38 percent as against Sensex's 11.69 percent rise.

        The large-cap company has equity capital of Rs 1,214 crore. Face value per share is Re 1.

        According to reports, the foreign brokerage stated that the Goods & Services Tax (GST) tax structure is likely to be a revenue-neutral outcome which comes as a big relief for ITC.

        The GST Council, headed by Finance Minister Arun Jaitley, yesterday, 16 March 2017, reportedly paved the way for rolling out the new tax regime from 1 July 2017, clearing all legislations required for one of the most ambitious reform measures since Independence.

        The council, which met in the national capital, approved the state GST (SGST) and the union territory GST (UTGST) bills. The bills will now have to be cleared by Parliament and state assemblies.

        ITC's net profit rose 5.71 percent to Rs 2646.73 crore on 4.1 percent increase in net sales to Rs 9149.31 crore in Q3 December 2016 over Q3 December 2015.

        ITC is a diversified company, with presence in cigarettes, hotels, paperboards & specialty papers, packaging, agri-business, packaged foods & confectionery, information technology, branded apparel, personal care, stationery and other FMCG products. ITC is a market leader in cigarettes.


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