NUVAMA'S ABNEESH ROY ON FMCG & CONSUMER STOCKS – UPGRADES ITC TO BUY

• ITC: Upgraded from HOLD to BUY; strong performance in non-cigarette businesses. • TRENT: Believes the worst is behind the company; stock has corrected significantly from its highs. • UNITED BREWERIES: Top pick in the alcoholic beverages segment. • RADICO KHAITAN: Preferred stock in the spirits segment. • HINDUSTAN UNILEVER (HUL): Double-digit EBITDA growth required for stock re-rating.

ITC LTD

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