ITC share price falls almost 2% post Q2 results; should you buy the stock? Here's what top brokerages say
₹449.55 against the previous close of ₹450.30 and fell 1.6 per cent to the level of ₹443.25 in Friday's trade so far. ITC share price has gained about 31 per cent in the last one year against an 11 per cent gain in the equity benchmark Sensex. The stock hit its 52-week high of ₹499.60 on July 24 this year and its 52-week low of ₹325.35 on December 23 last year on the BSE.
Around 9:20 am, the stock traded 1.25 per cent lower at ₹444.65 on BSE. ITC on Thursday reported a 10 per cent YoY rise in its standalone net profit to ₹4,927 crore in the September quarter of FY24. The company's revenue from operations stood at ₹17,705.08 crore against ₹17,159.56 crore a year ago period.
ITC's September quarter growth was led by its cigarettes and hotel business segments. Moreover, the company reported strong performance in its FMCG segment with an 8.3 per cent YoY rise in segment revenue in Q2 FY24. Read more: ITC Q2 Results: Net profit up 10% to ₹4927 crore on strong cigarettes, hotels biz; FMCG revenue grows 8.3% YoY (Exciting news! Mint is now on WhatsApp Channels.
Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!) Most brokerage firms retained their positive views on ITC stock after the company's impressive show in the cigarette and FMCG segments. Let's take a look at what they say: Motilal Oswal maintained its buy call on ITC stock with a target price of ₹535, implying a 19 per cent upside target and said ITC's earnings visibility remains better than that of peers. "At a time when uncertainty looms over the industry, led by high inflation, unpredictable monsoons, and continued weak rural sales, ITC’s recovery in cigarette volumes offers decent earnings visibility at reasonable
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