ITC is a leading multi-business Indian enterprise with presence in FMCG, Paper, Packaging, Agribusiness, Hotels and IT, and is a global Sustainability exemplar. ITC Stock Update-2024 budget effect, now after budget ITC crossed 500 today due to unchanged tobacco taxes.
ITC Stock Update-2024 budget effect
Key Factors for ITC after 20204 budget:
Tobacco taxes are unchanged .
Jefferies – a brokerage house upgraded this stock as buy option for now.This is the main news.
As per live mint, ITC shares jumped today and crossed ₹500 for the first time on 2024 july 24, extending gains after a 5.5 percent rally from yesterday,
This is mainly because Jefferies upgrading the stock to a “buy”after there was no changes to tobacco taxation mentioned in budget address on July 23.
Brokerage house also set a target price of ₹585 for ITC, indicating a potential upside of 15.5 percent.
Cigarettes account for over 45% of ITC’s revenue and more than 80% of the company’s net profit.Because of which budget points makes big impact on companies profit and also bottom line business
Additionally, customers would save money as a result of the updated modifications to the new tax regimes, which would benefit FMCG-related stocks like ITC.
Current Fundamentals and Technical’s:
CMP is 500 Rs
Market Cap is ₹ 6,14,984 Cr.
Stock P/E – 30.1
EPS ₹16.4
Yearly wise and quarterly wise profit is increased.
Technical:
On the verge of Breakout near all time high. If gets good volume, it can sustain. And as per brokerage house target is 585 Rs.
About ITC:
ITC Brands are designed and customized to delight the diverse tastes, needs and lifestyles of the discerning Indian consumers. ITC’s brands reach 250 million Indian households.
They are mainly into:
- Fast Moving Consumer Goods (FMCG)
Cigarettes & Cigars
Foods
Personal Care
Education And Stationery
Safety Matches
Agarbattis & Dhoop
- Hotels
- Paperboards & Specialty Papers
- Packaging
- Agri Business
Agri Commodities & Rural Services
Agri Business-ILTD
e-Choupal
ITC Brands:
Why ITC is Strong and reliable brand?
Only because of its quality and sustainability.
As per company website “Inspired by opportunity to serve larger societal purposes, we articulated a Vision two decades ago to make the Company a National Champion by adopting the credo of ‘Putting India First’ ‘ keeping Country before Corporation and the Institution before Individual. This resolve to build an exemplary Indian enterprise led to the creation of innovative business models that synergized the creation of economic wealth with the formation of ecological and social capital as a unified strategy.
ITC uses Renewable energy.
About 50% of energy consumption at ITC is from renewable sources
They include responsible luxury.
ITC Hotels: Trailblazer in Responsible Luxury ,All ITC’s Premium Luxury Hotels are LEED Platinum Certified.
ITC’s Social Investment Initiatives
As per their website they mainly focus To create sustainable livelihoods, we designed interventions that respond to the unique challenges of our stakeholder communities. Our e-Choupal, watershed development, afforestation and sustainable agriculture interventions strengthen agriculture, while programmes for economically empowering women and livestock development expand rural income streams. Support for primary education, health and sanitation as well as skilling and vocational training are helping to develop community infrastructure and create better opportunities for disadvantaged communities.
Note: We are not SEBI registered. Please contact your financial advisor before investing.
FAQ:
1)Is ITC share a good buy?
ITC Stock Update-2024 budget effect -As per brokerage house Jefferey’s, its a good buy because of budget , there was no changes related to tobacco.
2)Which is better, ITC or Hul?
Both are good companies , but looking at past performances, ITC is bit better.
3)Is ITC profitable?
Its is a profitable company and please check quarterly and yearly profit from screener website.