Mar 14, 2024 04:11 PM IST
ITC Share Price: Morgan Stanley expects ITC to outperform benchmark Indian indices. Here’s all you need to know
Foreign brokerage firm Morgan Stanley said that ITC Ltd share price will rise relative to the country index (MSCI India) over the next 30 days. In a tactical research note, the firm said that the stake sale of 3.5 per cent or 43.7 crore shares by British American Tobacco (BAT) in ITC clears supply overhang on the stock which has been seen recently as the ITC stock underperformed the market by 8 per cent recently.
Read more: Paytm Payments Bank closes on March 15: What will work and what won’t, what about FASTags, UPI and wallet?
ITC Share price: What Morgan Stanley said on the stock’s performance
Morgan Stanley predicted a resumption in the stock’s outperformance citing its fundamental view of a moderate and infrequent cigarette tax environment and continued scale-up of non-cigarette businesses.
Hindustan Times – your fastest source for breaking news! Read now.
Read more: OTT platforms ban: These 18 OTT platforms taken down over vulgar content. Check complete list here
“We estimate that there is about an 80 per cent-plus (or “highly likely”) probability for the scenario. Estimated probabilities are illustrative and assigned subjectively based on our assessment of the likelihood of the scenario,” it said.
Read more: Gautam Adani on what worked for his business: ‘My name is Adani and I’m…’
Morgan Stanley on ITC price
Morgan Stanley found the stock worth ₹491 with a rating of “overweight”. On March 13, the stock of ITC rose to an intraday high of 8% before closing at ₹422.45.
Read more: Vehicle thefts increase 2 times in 2023, highest in Delhi. Most stolen car is…
Is there a risk in buying?
The brokerage firm said adverse policies regarding cigarettes such as levying high taxes, a ban on loose sales, etc increases risk but a benign tax environment for tobacco and the successful launch of differentiated products in the FMCG segment will prove to be growth boosters.
Unlock a world of Benefits with HT! From insightful newsletters to real-time news alerts and a personalized news feed – it’s all here, just a click away!- Login Now!
Stay informed on Business News along with Gold Rates Today, India News and other related updates on Hindustan Times Website and APPs
- ABOUT THE AUTHOR
Follow the latest breaking news and developments from India and around the world with Hindustan Times’ newsdesk. From politics and policies to the economy and the environment, from local issues to national events and global affairs, we’ve got you covered.
