According to Sharmila Joshi of sharmilajoshi.com, one may hold ITC as the stock may move to Rs 375-380 in the long term.
Sharmila Joshi of sharmilajoshi.com told CNBC-TV18, "There doesn't seem to be any real good news for ITC and we have had another duty hike in this budget and the company has said that they will pass it on to users but somewhere the results indicated that the elasticity in passing on prices has come down. So you will see numbers for cigarette sales coming down."
"I think the good news is that somewhere along the line, the company had begun to diversify away from cigarette not exactly away but getting into other businesses where you wouldn't be hit by these constant duty hikes the way cigarette business is. So they have increasingly gotten into food, they are in other businesses, they have a hotel, they have an agri business, they have paper and company's strategy to focus on food business going ahead is also -- they have spoken about that very widely in the press in last couple of months, so you have to give time," she added.
"One should stay invested. My target on the stock would be closer to Rs 375-380 but you need to wait for this entire food business story to play out for that to increasingly contribute to the topline as well as the bottomline," she said.
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