Buy ITC With Intra Day Target Of Rs 162

Buy ITC With Intra Day Target Of Rs 162Technical analyst Anil Singhvi has maintained 'buy' rating on ITC Limited stock with an intra-day target of Rs 162.

According to analyst, the stock can be purchased with a stop loss of Rs 150.

The stock of the company, on February 09, marked its closure at Rs 153.75 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 184.70 and a low of Rs 116.62 on BSE.

Current EPS & P/E ratio stood at 6.17 and 25.59 respectively.

Tobacco giant & FMCG major ITC Limited announce dthat it will make an investment of Rs 3,000 crore to establish a paper making plant in the state of Andhra Pradesh as part of its proposals to double capacitance by 2016.

ITC Limited Executive Director Pradeep Dhobale stated, "The total project cost for the new greenfield project will be about Rs 3,000 crore. It's part of our plan to touch 1 million tonnes capacity in the next five years."

ITC's paperboards and specialty papers segment, which fulfills the broad spectrum of packaging, writing and printing paper demands, holds 4 production facilities at this time, with an overall capacity of 5.5 lakh million tonnes annually.

With growing input rates and soaring food inflation, ITC stated that it may shortly raise costs of its packaged foods by 7-8%.

"Prices of agricultural commodities are increasing. Prices have risen by 30-35 per cent in the past two years. There is also a simultaneous rise in freight rates and packaging costs. We may increase prices of packaged foods by 7-8 per cent," ITC Foods Chief Executive Chittaranjan Dar added.