0735 GMT - ITC Ltd. is likely a better play than its peers in India's fast-moving consumer goods industry, says Axis Securities analyst Preeyam Tolia in a research report, raising the stock's target price to INR460.00 from INR410.00 with an unchanged buy rating. The India-listed conglomerate's FMCG business is reaching an inflection point as its EBIT margins are likely to edge up from 7.7% in FY 2022, thanks to drivers including the ramping up of outlet coverage, the analyst says. Also, growth in the company's hotels should be strong as travel, wedding and corporate activities pick up, the analyst adds. Shares are 0.2% higher at INR373.75. (ronnie.harui@wsj.com)
(END) Dow Jones Newswires
February 08, 2023 02:35 ET (07:35 GMT)
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