Fast Moving Consumer Goods (FMCG) giant ITC has fixed record date for the interim dividend of Rs 5.25 per equity share to eligible shareholders. The FMCG company has declared the interim dividend along with q3fy22 result on Thursday. ITC on Thursday reported 15% rise in consolidated net profit at Rs 4,056 crore for the quarter ending December 31, 2021against net profit of Rs 3,526 crore in the year-ago period. 

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"The Board of the company declared Interim Dividend of Rs 5.25 per ordinary share of Rs 1each for the financial year ending on 31st March, 2022; such Dividend will be paid on Friday, 4th March, 2022, to those Members entitled thereto.It has fixed Tuesday, 15th February, 2022 as the Record Date for the purpose of determining entitlement of the Members for such Interim Dividend," said the company in a regulatory filing on Thursday.  

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At 10 am, Shares of ITC were trading flat at Rs 234 per share on the BSE. Shares of the FMCG giant have been on the rise after no taxation on tobacco was announced in the Budget. The shares have jumped nearly 8 per cent or Rs16 on the NSE in the last 5 trading sessions.  

Analyst and brokerages have been bullish on this stock since the budget and post strong result registered by the leading tobacco player.  

"ITC is rallying post budget as there was no talk related to taxation on tobacco or cigarette which is a positive for the stock. There is always a fear of tax hike and recently WHO recommended 75% tax on Tobacco products. Technically, 210 is a strong base of the counter and now it is breaking out resistance of 227 that may lead to a move towards 240 level," had said Santosh Meena, Head of Research, Swastika Investmart Ltd, post budget announcements. 

Meanwhile, post strong q3 result, Jefferies has set a target of Rs 305 from Rs 235 recorded on  February 3. This is an upside of 30% on Thursday's closing price.  

Similarly, ICICI has maintained add rating for ITC. Expecting Value (on current FCF profile basis) to outperform Growth/Expensive basket, potential price hikes in cigarettes in the current inflationary environment (better consumer acceptancelikely), ICICI Securites said, " we maintain ADD with a DCF-based revised target price of Rs260 (Rs250 earlier)." 

It said other factors working for ITC are  good underlying performance in the FMCG business along with higher profit (& EVA) focus, and improving outlook for the hotels business (likelycyclical upturn).