Pending — not yet graded
Maintained 'Outperform' on ITC with a target price of ₹388. Despite a 6% volume drop and 35% EBIT decline in cigarettes, staggered price hikes and new variants are expected to limit market share losses. Non-cigarette FMCG business showed resilient 12% revenue growth.
ITCBullishCalled 03 Aug 2026
Verdict:PENDING

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