Investment firm GQG Partners Emerging Markets Equity Fund raised stake in FMCG major ITC during the March quarter. The firm had recently invested in Adani group companies after Hindenburg Research.
investment fund, gqg Partners Emerging Markets Equity Fund has increased its stake in the FMCG major from 1.29 per cent at the end of December quarter to 1.44 per cent at the end of March quarter.
GQG Partners Emerging Markets Equity Fund currently holds 178,771,863 shares in the company. It has added about 19.17 lakh additional shares in the March quarter, as per the latest shareholding data available with the exchanges.
The company had 159,599,760 shares in the December quarter ITC,
Among public shareholders, mutual funds hold a combined holding of 9.47 per cent in the cigarette-to-hotel conglomerate, while insurance companies hold around 20.44 per cent, according to shareholding data available.
While foreign investors hold 14.21 per cent stake as of the March quarter, retail investors hold around 12.42 per cent in the company.
The stock had closed down 0.44 per cent on Tuesday. 398.45 on BSE. The stock touched a new 52-week high 402 ahead of its fourth quarter earnings today.
On Monday, ITC shares closed with a gain of more than 1 per cent. 400 on BSE at Rs. Analysts remain bullish on the stock while maintaining their ‘Buy’ stance.
The index heavyweight has been one of the top performers on the Street, gaining around 19.81 per cent on a year-to-date basis. The shares have gained nearly 50 per cent in the last one year.
Domestic brokerage house Prabhudas Lilladher has ‘accumulate’ rating on ITC stock and set a target price 444, which means an increase of 13 percent. The brokerage sees ITC among the best performers from the consumer sector in the March 2023 quarter.
Sharekhan reiterates ‘Buy’ call with target price of 450 suggests an upside potential of 15 percent. The note added, “Attractive valuations at 23x/21x FY2024/FY25E EPS and double-digit earnings growth visibility make it our preferred pick in the large consumer goods space over the medium to long term perspective.” “
The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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