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Despite posting slightly better-than-expected results for the quarter ended March 31, in which ITC Ltd saw a substantial reduction in loss of the non-cigarette fast-moving consumer goods (FMCG) business, its stock ended lower by 0.75 per cent at Rs 231.75 on Friday against a flat market.

While the stock’s outperformance in recent months could be one reason, the Street also seems to get a feeling that volume growth in the cigarette business was lower (at four-five per cent) than expectations of 6.5-7 per cent and that, too, despite a low base (volumes were down two per cent in the March 2011 quarter) and inventory accumulation ahead of the Budget.



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