ICICI Direct has given Buy recommendation for ITC with a target price of Rs. 310 in its research report issued on May 19, 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 exports 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 upgrade our rating from HOLD to BUY. We value the stock at Rs 310 on SOTP basis valuing cigarettes business 15x FY24 earnings & FMCG business 6x FY24 sales.

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