Equity Alert: ITC down over 2%; Jan-Mar net profit below estimates

[K.Karthik Raja]

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Equity Alert: ITC down over 2%; Jan-Mar net profit below estimates
MUMBAI--2:10PM--Shares of ITC were down 2.5% at 218 rupees after
the company
today posted a Jan-Mar net profit of 7.36 bln rupees, up 13% from a
year ago but
lower than 7.60 bln rupees estimated.
Dealers said a 60% surge in other income to 1.6 bln rupees during
the
quarter was worrying the market, dealers said.
Net sales during the quarter rose 14% to 39.3 bln rupees--higher
than 38.87
bln rupees estimated.
Technical analysts expect the stock to find support at 215 rupees
and then
at 200 rupees, and see strong resistance around 225 rupees.
So far today, 2.7 mln shares of the company have been traded on
NSE. May
futures of the stock were at 2-point premium to the spot.