From The Economic Times · Akash Podishetti · · 1m 20s
GQG Sells ITC Shares in Rs 9,395 Crore Block Deal
GQG Partners exits ITC shares in Rs 9,395 crore block deal amid 30% annual stock drop.
In brief
GQG Partners exits ITC shares in Rs 9,395 crore block deal amid 30% annual stock drop. GQG Partners sold Rs 9,395 crore of ITC shares after a 30% annual decline, with Fidelity and mutual funds buying. Originally reported by The Economic Times.
GQG Partners Sells ITC Shares
A GQG-linked fund sold Rs 9,395 crore of ITC shares at Rs 257.35 each.
“Rs 9,395 crore of ITC shares”
Major Buyers Enter ITC
Fidelity Advisor Overseas Fund bought 13.4 crore shares worth Rs 3,448 crore, while ICICI Prudential Mutual Fund purchased 9.4 crore shares for Rs 2,419 crore.
“Fidelity Advisor Overseas Fund bought 13.4 crore shares”
ITC Shares Drop 30% This Year
ITC shares fell nearly 30% this year due to cigarette tax concerns, weak volume recovery, and low investor interest in defensive consumer stocks.
“ITC shares fell nearly 30% this year”
Alliance Witan Sells Shares
Alliance Witan Plc sold 16.11 lakh shares worth Rs 41 crore in the block deal.
“Alliance Witan Plc sold 16.11 lakh shares”
Other Buyers Include Mutual Funds
SBI Mutual Fund, Mirae Asset Mutual Fund, Edelweiss Mutual Fund, and others bought ITC shares in the trade.
“SBI Mutual Fund bought 3.76 crore shares”
HDFC Securities Ratings
HDFC Securities maintains an 'Add' rating on ITC with a target price of Rs 300, valuing cigarettes at Rs 137 per share.
“HDFC Securities maintains an 'Add' rating”
ITC Hotels Business Outlook
Jefferies expects sustained revenue for ITC Hotels due to strong domestic travel demand and a shift toward asset-light hotel management.
“Jefferies expects sustained revenue for ITC Hotels”
What matters most
GQG Partners sold Rs 9,395 crore of ITC shares after a 30% annual decline, with Fidelity and mutual funds buying.
