New Research Reports

We believe VBL is expected to continue its strong growth momentum and we maintain our BUY recommendation on the stock.

GCPL: Consistent volume growth; cut to HOLD post rally. JSP: Valuations overdone; downgrade to HOLD. ACC: Strong margins; cut to HOLD on full valuations. Bonds Wrap: Fortnightly review. Currency Outlook: Fortnightly forex review. VGRD: In-line quarter. ORIENTEL: Slow quarter; Hyderabad plant to spur growth. SOMC: Lacklustre demand dulls performance. MTLM: Strong performance on fast ramp-up of MDF plant. SRCM: Healthy quarter, expensive valuations

Quarterly Update Q3FY24

With an upside potential of 18% from the CMP, we maintain our BUY rating on the stock.

Consistent performance across segments and markets with 7% YoY revenue growth despite delayed winter and macro headwinds

For Q3FY24, ITC reported consolidated Net sales of INR 180,194 Mn, a growth of 1.8% YoY/ 1.4% QoQ. On a segmental basis, Cigarette revenue grew by 2.6% YoY but declined by 0.4% QoQ as the business witnessed consolidation on a high base.

NAM: Strong growth but upside capped cut to HOLD. APOLP: Disappointing result on all fronts. ITC: Cigarette and paperboard businesses disappoint. LT: Order inflow guidance raised; maintain BUY. NTPC: Normal quarter, aggressive expansion; maintain BUY. MRCO: Domestic business still lacklustre. UTIAM: Core earnings miss estimates. ASTRA: Mixed quarter, guidance broadly intact

Recommendation With an upside potential of 11% from the CMP, we maintain our BUY rating on the stock.