ITC Ltd.’s stock reached a new high on Tuesday, rising an additional 3% following a 6.5% increase on Monday. The ITC share price broke beyond the ₹500 barrier for the first time on Tuesday, overtaking the previous record high of ₹499.7.
ITC share price NSE India today: 493.40 INR
After Finance Minister Nirmala Sitharaman left out any changes to tobacco pricing in her budget statement on Tuesday, the stock shot up. This was a relief for stocks like ITC, whose revenue comes primarily from cigarettes.
ITC Share Price Target
The brokerage company Jefferies upgraded ITC from its prior “hold” rating to a “buy” on Tuesday. Additionally, it raised ITC’s share price target from ₹435 to ₹585. Along with B&K Securities, Jefferies has the highest price target for ITC on the street.
In its note, Jefferies stated that the government’s decision to maintain tobacco tax rates has left the ITC as the “clear winner”. It went on to say that GST taxes will probably stay the same until the federal government pays the states’ outstanding debts in March 2026.
ITC’s Earnings Per Share (EPS) projections were raised by 1-2% by the brokerage.
Additionally, Macquarie increased its ITC EPS projections by 2% in each fiscal year 2025, 2026, and 2027 based on the expectation of stronger volume growth in light of the ongoing tax hikes. Additionally, it raised its price estimate on ITC from ₹535 to ₹560.
Motilal Oswal Financial Services’ Chandan Taparia anticipates that ITC’s stock will continue to rise, reaching ₹545 in value. At ₹490, he believes there is support on the downside. He suggests purchasing at the current price.
Of the 39 analysts who cover ITC, 36 currently rate the stock as a “Buy,” two recommend a “hold,” and one has a “sell” or similar recommendation.
Before yesterday’s development, ITC’s shares had been underperforming in 2024 and had remained steady for the entire year. Over the past two trading sessions, the stock has increased by 8.5%.
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