ITC Rating at 2-Year Low as Shares Near Record

ITC Rating at 2-Year Low as Shares Near Record

Adeel Halim/Bloomberg

Men arrange cigarette boxes in a tobacco stall, including brands made by ITC Ltd., in Mumbai. The 44 percent surge in ITC this year is overdone because the maker of Gold Flake and Wills cigarettes has limited room to raise prices should the government levy higher taxes, said Krishnan Sambamoorthy, an analyst at Fortune Equity Brokers India Ltd. in Mumbai.