1:10 Split, Rs 7.50 Dividend: Buy FMCG Giant For Fresh TP Rs 500, LIC’s Stake 15.20%: PL

Prabhudas Lilladher has recommended buy call to leading FMCG sector company, ITC Ltd. share with target price of Rs 500 and keep stop loss at Rs 400. Current market price of ITC shares on BSE is Rs 423.75 per share. If you buy ITC share now at current market price of Rs 423.75 per share, you can fetch potential return of 17.99%. ITC shares witnessed decline of 2.87% in last 2-weeks and gained 60% in last 2-years. It is worth noting that Singapore Govt has 1.44% stake in ITC with 180,057,232 shares. Meanwhile, LIC has a high stake of 15.20% in ITC with 1,896,861,285 shares of the large cap FMCG firm. Check more details below:

Prabhudas Lilladher Issues Buy Call On ITC Shares: As per the latest report issued as on June 20, Vaishali Parekh said, "ITC Ltd has been in the consolidation phase for quite some time after the gradual rise from the bottom made at around 400 levels and made a higher bottom formation pattern in the daily chart. A decisive close above the 200 DMA level of 440 is expected to rise further to 480-500 levels in the coming days. The indicators have turned favourable, with the RSI showing a trend reversal, indicating a good revival from the oversold zone, and is on the rise, showing a positive bias. With good volume participation witnessed, we recommend a buy in this stock for an upside target of 480 - 500, keeping a stop loss of 400."

ITC Share Performance: ITC Ltd share fell over 3% in last 1-month, jumped over 1% in last 3-months, declined 6% in last 1-year, offered shareholders return of 60% in last 2-years, and surged 52% in last 5-years. The 52-week high price of ITC Ltd share on BSE is Rs 499.60 per share (as on 24/07/2023) and 52-week low price is Rs 399.30 per share (as on 12/03/2024), respectively. Its market capitalisation stood at Rs 5,28,852.80 crore.

ITC Dividend: As per the BSE filing of the FMCG giant dated May 23, 2024, "recommended Final Dividend of Rs 7.50 per Ordinary Share of Re 1/- each for the financial year ended 31st March, 2024. The company fixed Tuesday, 4th June, 2024 as the Record Date for the purpose of determining entitlement of the Members for payment of Final Dividend.

ITC Stock Split History: ITC sub-divided the face value 1 time since September 21, 2005. ITC Ltd. last sub-divided/split face value of its shares from Rs 10 to Re 1 in 2005. ITC share traded ex-split as on September 21, 2005.

ITC Dividend History: ITC announced till date 29 dividends since July 3, 2001. In last 1-year, ITC announced an equity dividend amounting to Rs 13.75 per share. At the current share price of Rs 423.75, ITC Ltd offers a dividend yield of 3.24%.

ITC Bonus Share History: ITC gave 3 bonuses since September 21, 2005. The FMCG giant's last bonus was declared the ratio of 1:2 with ex-bonus date set as July 1, 2016.

ITC Financials: ITC Ltd declared a fall of 1.3% in its consolidated net profit to Rs 5120.55 crore for the quarter ended March 31, 2024 as compared to Rs 5,175.48 crore announced in the corresponding quarter of last year. ITC's revenue from operations jumped 2% year-on-year (YoY) to Rs 19,446.49 crore for March 2024 quarter as compared to Rs 19,058.29 crore declared in the corresponding quarter of last year.

ITC announced its consolidated total income for March 2024 quarter at Rs 20,130.32 crore as against Rs 19,667.94 crore in the similar quarter of last year. Total expenses for the quarter ended March 2024 declared at Rs 13,294.30 crore as compared to Rs 12,907.84 crore announced in the similar quarter of last year. The EPS for March 2024 came at 4.10 from 4.17 declared in March 2023.

ITC About: ITC is one of India's foremost private sector companies. ITC has a diversified presence in FMCG, Hotels, Packaging, Paperboards & Specialty Papers and Agri-Business. ITC's aspiration to be an exemplar in sustainability practices is manifest in its status as the only company in the world, of its size and diversity, to be carbon, water and solid waste recycling positive. In addition, ITC's businesses and value chains create sustainable livelihoods for more than 6 million people, a majority of whom represent the poorest in rural India, according to its official website.

Disclaimer:

The stock has been picked from the brokerage report of Prabhudas Lilladher. Greynium Information Technologies, the Author, and the respective Brokerage House are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to check with certified experts before taking any investment decision.