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Bank of America Merrill Lynch BofA-ML expects ITC Ltd to increase by 10 percent prices of select cigarette brands.
We see upside risks to estimates led by this and better-than-expected margins,the Wall Street bank said in a note.
It has maintained its 8216;buy8217; rating on ITC stock with price target of Rs 235.
The bank also expects ITC to report a robust 20 percent growth in net profit in the second quarter led by volume growth in cigarettes,improvement in cigarette margins and reducing losses in the FMCG segment.
At 11.39 a.m.,the stock was at 189.30 rupees,down 0.9 percent.
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