Edelweiss Securities has given Hold recommendation for ITC with a target price of Rs. 265 in its research report issued on Dec 10, 2021

Edelweiss Securities’ report on ITC

In a welcome step to improve transparency and disclosure levels, ITC will hold its first-ever analyst meet (a long-standing investor demand). We outline 13 questions that investors should ask ITC at the meet on 14th December. In our view, this step by ITC to become more investor friendly and catch up with best practices of peer set is welcome. ITC has been proactively taking feedback from investors over the past few years. We appreciate better disclosures in its quarterly reports. Even so, watch out for the Union Budget on 1 st February for cigarette taxes.

Outlook

Overall, ESG-led investing is assuming significance and ITC is consciously striving to climb up the ESG ladder. Retain ‘HOLD’ with a TP of INR265.

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