More in the tank! Emkay sees 16% upside in ITC, even as it hovers around all-time highs

Shares of ITC have risen by almost 36% this year due to strong operational performance, with Emkay Global expecting more growth. The brokerage initiated coverage with a target price of Rs 525, up 16% from current levels. ITC has undergone steady re-rating over the last year, with Emkay maintaining that value unlocking is possible as the conglomerate seeks alternative structures for its hotels and Infotech divisions. Emkay also expects the K-shaped recovery to amplify and for revenue scale-up across non-cigarettes businesses to boost margins while minimal material capex will be needed for businesses.

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