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ITC LTD
PRICE: RS.367 RECOMMENDATION: SELL
TARGET PRICE: RS.360 FY16E P/E: 26.5X
Media reports indicate that the government is considering several measures
to curb cigarette consumption, including:1) restricting sale of cigarettes to
less than 25 years age-groups, 2) plain packaging for cigarettes, 3) sharply higher
fines for smoking in public places, and 4) ban on sale of loose cigarettes
While some of these measures may seem impractical to implement/ modest
impact regulations, all of these taken in conjunction could impact cigarette
consumption, and habit formation adversely in the long-term. Meanwhile,
ITC stock has risen (although modestly) in the past weeks - we maintain a
negative stance on the stock, and downgrade ITC to SELL (REDUCE earlier).
�� India Equity Research Reports, IPO and Stock News Visit http://indiaer.blogspot.com/ for complete details ��
��
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ITC LTD
PRICE: RS.367 RECOMMENDATION: SELL
TARGET PRICE: RS.360 FY16E P/E: 26.5X
Media reports indicate that the government is considering several measures
to curb cigarette consumption, including:1) restricting sale of cigarettes to
less than 25 years age-groups, 2) plain packaging for cigarettes, 3) sharply higher
fines for smoking in public places, and 4) ban on sale of loose cigarettes
While some of these measures may seem impractical to implement/ modest
impact regulations, all of these taken in conjunction could impact cigarette
consumption, and habit formation adversely in the long-term. Meanwhile,
ITC stock has risen (although modestly) in the past weeks - we maintain a
negative stance on the stock, and downgrade ITC to SELL (REDUCE earlier).
�� India Equity Research Reports, IPO and Stock News Visit http://indiaer.blogspot.com/ for complete details ��
��
LINK
http://www.kotaksecurities.com/pdf/dmb/MorningInsight30092014so.pdf
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