ITC shares jump after Q3

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ITC Limited shares were up on Monday on the back of the incorporation of a new wholly-owned subsidiary dubbed &#8216;ITC Fibre Innovations Ltd&#8216;.



What Happened? The diversified conglomerate business in an exchange filing on March 3 revealed that the subscribed share capital for ITC Fibre Innovations Ltd. would be ₹1 lakh.



While not a lot is known about this new subsidiary just yet, the large-cap company has received a push from brokerages over the past week. Both Axis Securities and Motilal Oswal issued &#8216;buy&#8217; calls on the stock.



While Motilal Oswal has set the target price for the stock at ₹408, Axis Securities&#8217; target price is set at ₹460, as the brokerage sees an upside potential of 22% from current prices.



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<a href="https://in.benzinga.com/content/30723308/itc-shares-hit-52-week-high-as-upbeat-q3-numbers-give-another-boost">In the quarter that ended in December 2022, </a>the company reported a consolidated total income of ₹18,299.95 crore, down 4% from last quarter&#8217;s total income of ₹19,062.68 crore and down 2.6% from last year&#8217;s same quarter total income of ₹18,787.72 crore. The tobacco sector giant also reported a net profit after tax of ₹5,070.09 crore in the latest quarter.



The company&#8217;s board also approved an interim dividend of <a href="https://in.benzinga.com/content/31084375/d-muthukrishnan-says-nothing-like-dividend-income-heres-a-look-at-stocks-that-created-buzz">₹6 a share for the current financial year.</a>



Price Action: ITC shares were trading 0.8% higher on Monday at ₹588.60 shortly after markets opened for trading. Read next: <a href="https://in.benzinga.com/content/31189502/divgi-torqtransfer-ipo-fully-subscribed-on-last-day-check-gmp-listing-date" target="_blank" rel="noreferrer noopener">Divgi TorqTransfer IPO: Fully Subscribed On Last Day, Check GMP, Listing Date</a>

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