ICICI Direct has given Buy recommendation for ITC recommended buy rating on the stock with a target price of Rs 405 in its research rep with a target price of Rs. 405 in its research report issued on Oct 21, 2022

ICICI Direct’s research report on ITC

ITC is biggest cigarettes & second largest FMCG company in India with ~78% of market share in cigarettes & presence in staples, biscuits, noodles, snacks, chocolate, dairy products & personal care products. The company is also present in paperboard, printing & packaging business, agri & hotels businesses. The company has more than 200 manufacturing facilities in India. It has a distribution reach of over 6 million retail outlets across various trade channels & strong 25 brands across various categories.


We maintain our BUY recommendation. We value the stock at Rs 405 on SOTP basis valuing cigarettes business 18x FY24 earnings & FMCG business 6x FY24 sales.

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