DSP ON ITC: TOP HOLDING RATIONALE Valuation Edge - Trades at 20x earnings vs Nifty/BSE 200 at 24-25x - 40% ROIC undervalued amid two-year sideways action Structural Moats - Tobacco generates 80-85% profits with govt protection - Cigarette pricing power: Rs 10 to Rs 25 over decade - FMCG division offers long-term re-rating potential Investment Thesis Recent tobacco tax dip makes stock cheaper absolutely and relatively Aligns with pension fund focus on durable quality at discounts Key Takeaway: Proven moats and undervaluation justify ITC as DSP's largest position. #📣টাটকা আপডেট📰 #📈লেটেস্ট আপডেট📰