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Business News/ Markets / Stock Markets/  ITC share price jumps ahead of Q4 results today. Where do experts see stock going?

ITC share price jumps ahead of Q4 results today. Where do experts see stock going?

In ITC results today, market is expecting double digit growth in revenue in cigarette and FMCG business

ITC share price may go up to  ₹450 apiece in near term, believe stock market experts.Premium
ITC share price may go up to 450 apiece in near term, believe stock market experts.

Q4 resuls today: ITC share price today witnessed buying interest among stock market bulls during early morning deals on Thursday. IT share price today opened upside at 430 apiece levels and went on to hit intraday high of 432.45 per share levels, logging more than one per cent rise against its Wednesday close of 427.60 per share levels.

According to stock market experts, ITC share price is rising as the company is going to announce its Q4 results today. They said that market is expecting strong ITC results as all segments of the company — tobacco, hotels, FMCG, agriculture, etc. — are expected to perform well during January to March 2023 quarter. They said that ITC share price may remain in bull trend as the market is expecting some announcement from the management in regard to the demerger of any segment in ITC.

Speaking on reason for rise in ITC share price today, Saurabh Jain, Vice President — Research at SMC Global Securities said, "ITC Q4 results is expected today and market is expecting strong Q4 results from the Indian conglomerate company. ITC is expected to deliver double digit growth in its tobacco business whereas it is expected to declare decent numbers in hotel, agriculture and FMCG business." Saurabh Jain went on to add that market is also expecting some announcement from the ITC management in regard to its demerger plans and if any announcement in regard to demerger comes, then ITC shares may become highly bullish. So, those who have ITC in their portfolio, they are advised to hold the stock further.

Giving 'buy' tag to ITC shares, Sumeet Bagadia, Executive Director at Choice Broking said, "ITC share price is looking positive on chart pattern. It may go up to 450 apiece levels in near term and one can buy and hold the stock for this 450 near term target maintaining stop loss at 418 per share levels."

Expectations from ITC results today

In ITC results today, market is expecting double digit growth in revenue in cigarette and FMCG business. At the same time, post-Covid pent-up demand is expected to drive its hotels business.

In its preview note, ICICI Direct Research said, "We estimate 6.3% revenue growth for ITC led by strong 15.9% growth in cigarettes business. we estimate ~13% volume growth in cigarettes. Moreover, the FMCG business is expected to see 19.1% sales growth led by strong traction in foods, discretionary & stationary categories. Hotels segment is estimated to grow 77.8% led by post-Covid pent-up demand. The growth in the paperboard segment is expected to moderate given RM prices have declined & companies are taking price cuts accordingly. The segment is likely to grow 7.6% in Q4. Agri business is likely to see 25.4% sales decline on account of export restriction on wheat."

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.

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Asit Manohar
Chief Content Producer at Live Mint Digital Team
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Updated: 18 May 2023, 11:20 AM IST
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