Recently, a few of ITC’s businesses have witnessed encouraging growth traction –volume growth in FMCG business, growth outlook in the hotel business and paper business and stabilization in the cigarette business. As the growth drivers are broadening, we are increasingly positive on the stock which is currently trading at a significant discount to the FMCG sector’s peers. With EPS of FY20Estimated at Rs. 11.03, we value ITC at a target of Rs. 332.