ITC recovered from its intra-day low of Rs 680 in afternoon trades on Friday after the company turned out results that pleased analysts.

By 12:30 IST, the scrip of the cigarettes major rose 1.45% to Rs 691. Volumes too were in keeping with the results euphoria, reaching over 194,000 on BSE till then.

In the 10 sessions between 2 January and 16 January 2003, ITC moved up 3.83% to Rs 681.15 from Rs 656.

In afternoon trades today, ITC said third quarter ended 31 December 2002 net profit grew 21.8% to Rs 323.51 crore (Rs 3.23 billion) compared to Rs 265.63 crore (Rs 2.65 billion) in the corresponding period of the previous year. Net sales increased by 22.8% to Rs 1,467.6 crore (Rs 14.67 billion) from Rs 1,195.20 crore (Rs 11.95) in DQ 2001.

Analysts were generally pleased with the results. A capitalmarket.com poll of five FMCG analyst had estimated a net profit of Rs 301-339 crore (Rs 3.01-Rs3.39 billion). Net sales were expected at Rs 1,466-1,555 crore (Rs 14.66-Rs 15.55 billion), up 21-30%.

Analysts feel the fact that despite sales being on the lower side, profits have bounded up is a sign that margins have increased.

Foreign institutional investors, local institutions and the public hold 32.5%, 47.11% and 14.5% equity stake in ITC, respectively

BSE Code: 500875