ITC share price rises to 3-month high after CLSA hikes price target

By: | Published: January 11, 2019 12:46 PM

Shares of ITC surged at 3-month high to Rs 295.45, up nearly 2 per cent in the early trade Friday after global brokerage CLSA retained ‘buy’ call on the stock raising the target price to Rs 400 from Rs 390 earlier.

ITC, Specified Undertaking of the Unit Trust of India, ITC sharesITC shares were trading 1.47 per cent higher at Rs 293.80 on the BSE at the time of reporting.  (Reuters)

Shares of ITC surged at 3-month high to Rs 295.45, up nearly 2 per cent in the early trade Friday after global brokerage CLSA retained ‘buy’ call on the stock raising the target price to Rs 400 from Rs 390 earlier. The GST Council, in its yesterday’s meeting, once again didn’t effect any change in the tobacco taxes, further discounting any likelihood of tax changes on account of upcoming general elections.

“In the last 18 months, the GST Council has held more than 13 meetings but has not made any changes to tobacco taxes,” the research house said. Since October 4 last year, the stock of FMCG major was trading at its highest level on BSE.

Besides, the announcement of 1 per cent calamity cess to fund the rehabilitation work in Kerala for two years is being considered to be lower than what was anticipated, providing additional filip to the company. No hike has been announced by the GST Council since July 2017.

Also read: Share market LIVE updates: Sensex turns choppy, Nifty near 10,800; TCS, L&T among top losers

ITC shares were trading 1.47 per cent higher at Rs 293.80 on the BSE at the time of reporting.

Meanwhile, the benchmark BSE Sensex rose over 65 points in early trade Friday following value-based buying in auto, oil & gas, and metal sectors amid positive trend at other Asian markets and rising rupee.

The 30-share index was trading 68.58 points, or 0.19 per cent, higher at 36,175.08. The gauge opened on a positive note and touched a high of 36,214.26 in morning trade. The NSE Nifty too witnessed similar movement, and was trading 17.65 points, or 0.16 per cent, up at 10,839.25.

On Thursday, the Sensex settled 106.41 points, or 0.29 per cent, down at 36,106.50, while the broader NSE Nifty fell 33.55 points, or 0.31 per cent, to finish at 10,821.60.

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