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ITC jumped nearly 2 per cent as JP Morgan has upgraded the stock to “overweight’’.
The stock gained as much as 1.7 per cent to Rs 325.
JP Morgan has upgraded ITC to “overweight’’ from “neutral’’, and has raised the price target to Rs 370.
Of 35 analysts covering ITC, 27 rate “buy’’, 4 “sell’’ and 4 hold, and kept the median price target at Rs 365, according to Thomson Reuters data.
The brokerage has cited a lower-than-expected excise duty hike in the 2016/17 budget for the rating upgrade.
The Union Government has hiked the excise duty on cigarettes by 10 per cnet vs 15 per cent hike feared by markets.
“We believe ITC will be a candidate for re-rating given the budget related uncertainty is now behind us,’’ J P Morgan says.
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