ITC shares in focus after Q3 results. Should you buy, sell or hold?

ITC’s December-quarter performance has drawn a muted response from brokerages, with analysts largely holding their ground despite steady operating metrics and strong FMCG growth. With the stock down over 20% in January and trading near a 52-week low, the focus has shifted to the impact of higher cigarette taxes set to kick in from February, tempering near-term optimism even as fundamentals remain resilient.