Budget does not singe ITC with tax hike, shares top Rs 500-mark

After the budget, global brokerage Jefferies upgraded the stock from hold to buy and raised the target price to ₹585 from ₹435, citing ITC's clear advantage. The stock, which surged 17% in the past month compared to a 3.6% gain in the Sensex, ended at ₹494 on Wednesday, up 0.4%.