BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Centrum Broking Report
ITC Ltd.’s recent price outperformance (up 25%) has kept investors gasping, however we see potential for ITC to inch-up to new records soon, given:
likely potential for price hikes in cigarettes pre-empting next Union budget,
strong underlying performance with improved profitability in the foods portfolio,
improving outlook and potential demerger for the hotel business, and
bridging valuation gap.
Besides this we note, focus continue on augmenting distribution could scale up fast moving consumer goods business and expand market share including cigarettes.
Nonetheless, we expect benign tax-regime as government is likely now able to better appreciate the legal industry’s logic that a punitive taxation regime on legal cigarettes alone does not necessarily help control use of tobacco in the country, rather causes migration to cheaper forms of tobacco.
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