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Home >Markets >Stock Markets >ITC share price crosses 200 for the first time in last four months

ITC share has crossed 200 for the first in almost last four months. The share hit 200 earlier in mid of August. At 1:32 p.m., the share of ITC was trading at 202 on NSE. Year to date, the share of ITC is down by 15.5%. The share has jumped 17% in the last one month. The FMCG major has a market capitalisation of 2.48 lakh crore.

ITC share price met analysts expectations. Analysts had recommended buy three to four weeks earlier as they had rightly anticipated the FMCG share to hit 200 or even higher. Centrum Broking has given a target price of 257 at around a time when the share price was at 174. ICICI Securities gave a target price of 200 three weeks ago.

In the quarter ended September 30, ITC's FMCG business delivered a decent sales growth of 15.4% year-on-year, one of the highest among peers, but cigarette revenues disappointed, falling about 3.9% in the same time period. The ITC stock, which is hit by global environmental, social and governance norms in its cigarette business, is down 29% from its pre-covid highs.

ITC’s revenue grew by about 25% in the essential category of atta and personal wash. Its discretionary sales declined 2%. Its FMCG Ebitda margin stood at about 8.7% in the first half of FY21. This also brings the firm closer to its target of achieving 10% Ebitda margin by FY23. Ebitda is earnings before interest, taxes, depreciation and amortization.

ITC reported a 19.6% drop in September quarter profit.

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