Business Daily from THE HINDU group of publications
Friday, Jul 28, 2006
Business Daily from THE HINDU group of publications Friday, Jul 28, 2006 |
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Stock Markets Markets - Stocks Columns - Ear to the ground
The ITC stock has been witnessing quiet accumulation in recent times from select quarters. According to brokers, the increased activity followed several broking houses coming out with `buy' recommendation on the stock. The stock was under minor pressure after it came out with its first-quarter numbers last week. On Thursday, it closed at Rs 166.55 on the BSE against the previous close of Rs 167.95 after hitting an intra-day high of Rs 170.80. Traded volumes picked up to around 16.7 lakh shares against two-week average of 15.9 lakh shares on the BSE. Analysts expect the company's profit growth record to continue. Besides, brokers are also bullish on the company's rural retail plans. The company expects transactions through e-Choupals, its Internet kiosks, to touch Rs 5,000 crore in the next 3-5 years. ITC gets 50 per cent of its revenue from tobacco and the rest from businesses such as hotels, paper, food, clothes, greeting cards, matches, incense sticks and agriculture.
K.S. Badri Narayanan
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