ITC breaks below 200-day moving average on high valuations
Quotes

ITC breaks below 200-day moving average on high valuations

Last Updated: Tuesday, November 5, 2013, 14:04
 
 Comment 0
 
ITC breaks below 200-day moving average on high valuations
ITC Ltd sinks 3.3 percent, falling below its 200-day moving average for the first time in two months.

Traders cite valuation concerns given ITC is trading at about 30 times of estimated fiscal 2014 earnings, while the BSE Sensex is trading at about 15.5 times, as per Thomson Reuters data.

Shares in the company have been falling for three straight weeks and is down 13 percent since hitting a record high of 380 rupees in late July.

ITC posted on October 25 sales volume growth in the July-September quarter that disappointed investors, sparking downgrades from brokerages including Morgan Stanley.

Other FMCG shares such as Hindustan Unilever Ltd were trading down 1.2 percent while United Breweries Ltd falls 2.4 percent.

The Sensex is trading down 0.7 percent.



Reuters

First Published: Tuesday, November 5, 2013, 14:04


Comments


comments powered by Disqus
Reminiscing Lincoln Continental
Reminiscing Lincoln Continental
Jaguar high-wire water crossing
Jaguar high-wire water crossing
2015 DFW Auto Show
2015 DFW Auto Show
Samsung Galaxy S6, Galaxy S6 Edge
Samsung Galaxy S6, Galaxy S6 Edge
Hyundai i20 Active
Hyundai i20 Active

Web Wrap
Contact Us : Privacy Policy : Legal Disclaimer
Copyright © Zee Media Corporation Ltd. All rights reserved