ITC share price movement

Share price of ITC surged 5 per cent to ₹266.90 on the BSE in Friday’s intraday deals. The stock of the fast-moving consumer goods (FMCG) company was the top gainer in the 30-share BSE Sensex.  

ITC reported its sharpest intra-day rally in the past six months. Earlier, on October 5, and September 1, ITC’s market price surged 4.98 per cent, while on February 6, the stock soared 5.66 per cent on the BSE, the exchange data shows.

The stock hit a multiyear low at ₹253.15 on Thursday, October 8, 2026. It touched a 52-week high of ₹426.50 on October 31, 2025.

GQG Partners entities sold 2.91% stake in ITC for ₹9,395 crore

Fidelity Advisor Series VIII – Fidelity Advisor Overseas Fund, ICICI Prudential Mutual Fund, SBI Mutual Fund, Nippon India Mutual Fund and Citigroup Global Markets Singapore Pte were among the large buyers of these shares.

As of the quarter ended June 30, Goldman Sachs Trust II – Goldman Sachs GQG Partners International Opportunities Fund and GQG Partners Emerging Markets Equity Fund held 2.06 per cent and 1.06 per cent stakes, respectively, in ITC.

Brokerages view on ITC

Citi upgraded ITC stock to 'BUY' from 'SELL' with a target price of ₹300 per share despite near-term headwinds as it finds the risk-reward favourable.

Analysts at Citi forecasted near-term earnings pressure due to the sharp increase in cigarette taxation, but said the sharp decline in the stock price mitigates associated volume and profitability risks. Citi said the earnings downgrade cycle is largely over, improving the risk-reward at current valuations.

Meanwhile, analysts at Kotak Institutional Equities believe that a vertical split of ITC into two different entities—(1) the tobacco business in one entity and (2) non-tobacco businesses in another entity—could unlock significant value for shareholders. The tobacco entity will likely attract ‘value’ shareholders looking for steady growth and high dividend yields while the non-tobacco entity will attract ‘growth’ investors as well as a broader set of investors who will not be deterred by ESG concerns associated with tobacco, the brokerage firm said.

“Our reverse- sum-of-the-parts (SoTP) valuation exercise implies about 10.5-11X 1-year forward EPS for the tobacco business. We model ITC’s tobacco segment earnings before interest tax (EBIT) to be flat over FY26-29E and non-tobacco FMCG segment EBIT to grow at a 19 per cent compound annual growth rate (CAGR) over FY26-29E,” analyst at Kotak Institutional Equities said. The brokerage firm said its 12-month SoTP valuation of ITC is ₹360 per share. Disclaimer: Views and outlook in this report belong to the brokerages and analysts cited. They do not reflect the views of Business Standard. Readers are advised to exercise discretion.