ITC shares rise 2% after Q2 profit falls 18.5%
In short
ITC shares gained 2% after its Q2 profit fell 18.5% year on year.
The report says higher taxes and weaker cigarette earnings hurt profit, but FMCG growth was strong. Brokers stayed positive, with target prices from Rs 300 to Rs 355, though the full outlook is still not clear.
What the reporting says
ITC shares rose 2% after the company reported a 18.5% year-on-year decline in Q2 net profit. The publisher summary says higher taxes and falling cigarette earnings weighed on profitability, while the FMCG business delivered strong growth. Jefferies, Nuvama, Emkay and DAM Capital stayed positive with target prices of Rs 300 to Rs 355, but the longer-term earnings outlook is not stated.
Why it matters
ITC shares rose 2% after Q2 results showed an 18.5% year-on-year drop in net profit. The report links the decline to higher taxes and weaker cigarette earnings, partly offset by strong FMCG growth. Jefferies, Nuvama, Emkay and DAM Capital remained constructive on the stock with target prices between Rs 300 and Rs 355, but the report does not give the full results details or management guidance.