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Antique Stock Broking maintains buy on ITC, revises target price to Rs 382

Buy ITC Ltd. at a price target of Rs 382.0 .|
Updated: Sep 24, 2019, 08.49 AM IST
Antique Stock Broking has maintained buy rating on ITC in the long term with a revised target price of Rs 382 after GST rates on cigarettes remain unchanged in the GST council meeting on September 20. Shares of ITC ended up 7% at Rs 254.7 on Monday while BSE Sensex closed 1075.41 points up at 39,090.03.

Company Financials

For the quarter ended 30-06-2019, the company has reported consolidated sales of Rs 12532.31 crore, down -4.17 % from last quarter sales of Rs 13078.09 crore and up 6.70 % from last year same quarter sales of Rs 11745.68 crore. The company has reported net profit after tax of Rs 3436.51 crore in the latest quarter.

Investment Rationale

The breather to the cigarette industry continues, said Antique. This event coupled with the reduction in corporate tax rate, in turn provides, ITC another chance to revive its cigarette volumes, said Antique. The company will use the same for trade promotions, incentivise its dealers and push growth through the trade channel, said Antique.

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