The FMCG-to-hotel company's share price touched a 52-week high on Monday, after markets figured out that the tax increase proposed in the Budget on specified cigarettes won’t dent the company’s profits much.
If The transaction happens before March, the government could easily meet its revised disinvestment target of 50,000 crore for FY 23, given that it has already netted 31,106 crore, and a sale is also being planned of a part of its residual stake in Vedanta-controlled Hindustan Zinc.
The government holds a prized 7.86% in ITC via the Specified Undertaking of the Unit Trust of India SUUTI).At current market prices, this stake is worth about 37,390 crore, but the proposed transaction could be only a fraction of this.
“There is no reason not to sell a stake in ITC. The exact timing has to be worked out,’another official told FE.
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