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A total of 6,574 shares changed hands on the counter till 01:00PM (IST)

As of 31-Dec-2022, promoters held 38.19 per cent stake in the company, while FIIs held 15.07 per cent and domestic institutional investors had 22.45 per cent.

Promoters held 46.86 per cent stake in the company as of 31-Dec-2022, while FII and DII ownership stood at 10.1 per cent and 3.83 per cent, respectively.

Morgan Stanley maintained an overweight rating on ITC with a target price of Rs 415 post Q3 results.Q3 earnings were ahead of Morgan Stanley and consensus estimates. “A strong beat on Cigarettes, Hotels, and FMCG businesses was a key positive. Strong results and positive implications from the Budget augur well,” Morgan Stanley said.

Companies in the automobile, cement, capital goods, fast moving consumer goods, and consumer discretionary sectors got some respite on the cost front as prices of several commodities and other inputs eased in the quarter.

The brokerage tweaks its FY23/FY24E earnings estimates to factor in lower credit costs.

The stock traded at a P/E multiple of 30.52, while the price-to-book value ratio stood at 2.55.

Vi quickly needs to clear dues of vendors like Indus Towers and expand its existing 4G network. It also needs to finalise 5G gear supply contracts with the likes of Ericsson and Nokia for rolling out next-gen networks and stem rapid subscriber losses.

This turned the Street bullish on the stock and it reflects in the performance. So far in the current financial year, the stock has gained more than 30% compared with the Nifty Bank index which has risen 14% in the same period.

We expect the strong business growth momentum to continue across divisions. In cigarettes, we believe a pragmatic tax regime not only acts as fodder for volume growth from illicit but also increases its predictability premium.