Indiabulls Securities Research has upgraded its rating on ITC from sell to hold with a target price of Rs 248 in its September 22, 2009 research report. At 15:22 pm, the share was quoting at Rs 230.35, up Rs 2.95, or 1.30%.

"Assuming a sustainable volume growth in the Cigarette business, a consistent growth in the Paper business, and an expected recovery in the Hotel business from Q4’10, we have upgraded our rating on the stock from Sell to Hold with a target price of Rs. 248," says Indiabulls Securities' report.