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BUZZ-India's ITC rises on Q1 profit jump
July 28, 2017 / 4:17 AM / 5 months ago

BUZZ-India's ITC rises on Q1 profit jump

** Shares of ITC Ltd rise as much as 2.15 pct to 294.75 rupees

** The cigarettes-to-biscuits maker posted a 7.4 pct jump in Q1 profit, helped by higher sales from its cigarettes segment

** The GST-led downstocking did not impact the cigarette business materially, as expected, which helped the company report growth in cigarette volume, Morgan Stanley analysts write

** “The near-term setback of increased taxation under GST notwithstanding, we believe long-term growth prospects remain intact,” Nomura analysts say, reducing their PT on the stock to 356 rupees from 389 rupees

** As of Thursday’s close, stock had risen 19.4 pct this year

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