ITC shares surge 4% after Q2 earnings. Here’s what analysts say
Shares of FMCG major ITC jumped 4% to a day’s high of Rs 490 on the BSE on Friday after the company reported a nearly 16% increase in revenue to Rs 22,282 crore for the quarter ended September 2024.
Post the Q2 results, here is what brokerages say:
Goldman Sachs: Buy | Target price: Rs 525
Net profit rose marginally to Rs 4,993 crore, marking a 2% increase.
The profit was slightly below Street estimates of Rs 5,079 crore, while revenues beat the expectations of Rs 18,068 crore.
The company’s board approved the acquisition of 1.52 crore shares of EIH Ltd and 34.6 lakh shares of HLV Ltd from Russell Credit, a wholly-owned subsidiary of the company. This is being done to consolidate the shareholding of EIH and HLV under the company.
Post the Q2 results, here is what brokerages say:
Goldman Sachs: Buy | Target price: Rs 525
Goldman…
