ITC shares edge higher after rise in select cigarette brands, experts see 10% rally in short term | Target, outlook
ITC share price: Experts believe there is buzz for an improved PAT and margins in the upcoming quarterly earnings after the rise in price of select cigarette brands
Stock market today: ITC's share price witnessed calibrated buying during the early-morning session on Wednesday. ITC share price today opened higher at ₹259.40 per share on the NSE and touched an intraday high of ₹263.55 apiece within a few minutes of the Opening Bell, logging an intraday high of around 2% against the previous close of ₹258 per share.
While some experts believe this rally in ITC shares is due to the Indian stock market's recovery, others attribute it to the rise in the prices of select cigarette brands.
ITC share price | What is fuelling the cigarette brand's shares?
Speaking on the reason that is fueling ITC share price today, Mahesh M Ojha, VP — Research & Business Development at KC Securities, said, “The ITC share price is rising today as the cigarette brand has raised prices of select cigarette brands. This has triggered the buzz about the improved profitability and margins of the company in the upcoming quarterly earnings.”
Anuj Gupta, a SEBI-registered market expert, said, “The company has strong financials and revision in some selected brands got an extra push after the rebound in the Indian stock market. The stock is facing hurdle in ₹265 to ₹268 range. On breaking above this hurdle, we can expect around 10% more upside in the stock in the short-term, because the fast-approaching festive season is expected to fuel its FMCG business revenue and volume.”
ITC share price target by 2026
Advising ITC shareholders to hold the stock, Mahesh M Ojha said, “ITC shareholders can hold the stock, maintaining a stop-loss at ₹248. The stock may see strong upside once it closes above ₹268 apiece. On breaking above this resistance, we can expect ITC share price to touch ₹290 in the near-term.”
On suggestion to fresh investors, Mahesh M Ojha said, “Fresh investors are advised to buy ITC shares above ₹268 for the short-term target of ₹290, maintaining a strict stop-loss at ₹255. Those who have ITC shares in their portfolio are advised to upgrade their stop-loss from ₹248 to ₹255, once the stock breaks above ₹268 on a closing basis.”
Disclaimer: This story is for educational and informational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified financial experts before making any investment decisions.
About the Author
Asit Manohar has nearly two decades of experience in the mainstream media. In this period, he has served esteemed media organisations like NDTV Profit, The Economic Times, and Zee Business. He has been working at LiveMint Digital since April 2021. During these two decades of journey in mainstream media, Asit has mainly covered external affairs, markets and personal finance. However, his earliest beats include railways, SME, MSME, and politics (Congress beat). Some of his features on political, economic, and foreign policy are documented in the parliamentary records. <br><br> While pursuing his MA (Mass Communication, Session 2004-06), Asit began his media career as a stringer at All India Radio in Varanasi. At AIR Varanasi, Asit worked with the Gyanvani, Yuvvani and Vividh Bharti teams. After working for nearly one year at AIR Varanasi, he shifted to print journalism and started working as a stringer for the HT Media Ltd, Varanasi. At HT Media Ltd in Varanasi, he covered the BHU beat. <br><br> Asit has also worked with some brokerage houses. He has worked with Religare Broking and India Infoline, where he assisted the research team in developing and executing trade strategies for intraday cash, F&O, and commodities. <br><br> Asit is a Gold Medalist in MA (Mass Communication) from BHU, Varanasi. He did his BSc. (Hons) in Mathematics from Magadh University, Bodh Gaya. Asit was a National Talent Scholarship holder during his senior secondary studies (1988-91).
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