Nomura downgrades ITC as excise hike to weigh on volumes, margins | Markets News
Global brokerage Nomura has downgraded ITC Limited to ‘Reduce’ from ‘Buy’ as it factored in the impact of the cigarette excise hike on volumes and profit margin. The brokerage also cut ITC share price target to ₹340 from ₹540. The current target price implies a downside of 6.6 per cent from Friday’s close level. …