ITC jumps 3% as Citi upgrades rating, target. What prompted bullish view?

ITC reported movement of 3%. 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 -3.8% on the day at ₹255.50, and has returned -9.4% over three months. It sits 39% below its 52-week high, which means a good deal of bad news was already in the price. The fmcg sector has moved -4.2% over the same period, so ITC is running 5.2 points behind 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.