ITC’s cigarette business, which accounts for three of every four cigarettes sold legally, reported 4.7 per cent growth in revenue in the December quarter at Rs 5,310.98 crore. The company’s net profit for the period was up by 29 per cent at Rs 4,141.93 crore beating Street estimates. Brokerages Phillip Capital and Edelweiss have downgraded the stock following the Budget development.
– Stocks-Markets-Economic Times
