ITC, Swiggy, Eternal, HUL, Dabur, Marico shares: BNP Paribas sees up to 47% upside; target prices

ITC reported movement of 47%. Those are the figures as filed — what moves the price is how they sit against what the market already expected, not their absolute size.

Against that, the stock is -1.3% on the day at ₹263.25, and has returned -8.6% over three months. It sits 38% below its 52-week high, which means a good deal of bad news was already in the price. The fmcg sector has moved -9.8% over the same period, so ITC is running 1.2 points ahead of its peers.

For ITC, the question is how much of this is already reflected in the price and how much re-rates the fmcg peer set alongside it.