Budget key event for ITC; NCCD hike of less than 5% positive for stock: Jefferies
The upsides for the stock include volume growth in cigarette business as ITC regains share from illicit trade and the margin expansion in new FMCG business led by cost optimisation. In its base case scenario, Jeffries has given a target price of Rs 415, suggesting an upside of about 20% from the current levels, while in an upside scenario, the stock could soar almost 42% from current levels.
