🇮🇳 India
Sep 5, 2026
ITC’s tobacco business is going cheap but Kotak Institutional Equities thinks market has it wrong
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Kotak Securities estimates ITC’s tobacco business is valued at just 11X forward earnings, suggesting potential undervaluation. The brokerage sees stronger growth in non-tobacco businesses and believes splitting ITC’s tobacco and non-tobacco operations could unlock significant shareholder value.
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