Upgraded ITC to 'Buy' with a target price of ₹340, believing the worst is over and risk-reward is favorable. Cigarette volume decline of 5% was better than expected, and pricing measures are anticipated to restore profitability to pre-tax hike levels by Q4FY27.

Nomura Analysis’s track record: 3 graded calls · 95% CI 6–79%

ITCBullishCalled 03 Aug 2026
Verdict:PENDING

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Tracking ITC since this call

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