ITC Share Price Target: 35% GST On Cigarettes? Sell, Hold Or Buy? Brokerage View

ITC Share Price Target: The shares of ITC, India’s leading cigarette maker, are going to remain under the spotlight after the GST Council proposed a 35 per cent tax on sin goods like aerated beverages, cigarettes, tobacco, and related products. The council is to announce the final decision on December 21.

With this, the stock of the company fell as much as 1.84 per cent on Tuesday, becoming the biggest laggard on the BSE’s Sensex. The shares of the company were trading at Rs 468.35 apiece as of 10:20 AM.

ITC Share Price Target

The brokerage firms have shared their outlook and the target price of the company. Here are the target prices shared by brokerage firms for ITC.

Kotak Institutional Securities

The brokerage firm has given a target price of Rs 540 against the current market price of Rs 469.65 per equity share.

Antique Brokers Report

Antique Broker sees a 17 per cent upside in the stock with the target price of Rs 557 per equity share of the company.

In the last six months, the shares of the company have surged to over 9 per cent while the Year-to-Date returns for the stock remain a meagre 0.37 per cent.

According to ICICI Securities, cigarette volumes grew steadily by around 3 per cent despite price hikes to offset inflation and weak consumer demand. ITC gained market share as enforcement actions reduced illicit cigarette trade and tax stability helped. FMCG showed resilience, though margins remained under pressure due to rising commodity costs.