ITC share price target: Motilal Oswal Securities has a target of Rs 485 on ITC. Elara Securities sees the stock at Rs 473 on the stock. Kotak Institutional Equities finds the stock worth Rs 450. Shares of ITC Ltd will turn ex-dividend on Tuesday. While announcing its March quarter results earlier this month, the board of FMCG major also announced a final dividend of Rs 6.75 and special dividend of Rs 2.75 per ordinary for FY23. Adding the announced dividends to the the interim dividend of Rs 6 per share declared by the board on February 3, the total dividend for FY23 would be Rs 15.50 per share.
The Kolkata-based company said total cash outflow on account of dividend, including interim dividend of Rs 7,448.41 crore paid in March 2023, will be Rs 19,255.02 crore for the year. This is against a total dividend of Rs 11.50 per share, amounting to Rs 6,469.48 crore in FY22 and a dividend of Rs 10.75 per share in FY21, aggregating Rs 6,152.68 crore. Dividend yield for FY22 stood at 4.59 per cent against 4.92 per cent in FY21.
If declared, the dividends announced in May will be paid between August 14 and August 17, the company said in a NSE filing.
Earlier this month, ITC reported a 21.37 per cent year-on-year (YoY) rise in standalone profit at Rs 5,086.90 crore for the March quarter. This is against a profit of Rs 4,190.96 crore in the same quarter last year.
Revenue for the quarter, ITC said, rose 6.14 per cent YoY to Rs 17,224 crore from Rs 16,226.63 crore in the same quarter last year.
JM Financial, which has a target of Rs 475 on the stock, said recent government actions reflect a pretty supportive policy-environment for the legal cigarettes industry. Motilal Oswal Securities has a target of Rs 485 on ITC. Elara Securities sees the stock at Rs 473 on the stock. Kotak Institutional Equities finds the stock worth Rs 450.
ITC shares last traded at Rs 449.90 piece, up 1.4 per cent. The scrip is up 35 per cent year-to-date and 67 per cent in the last one year.