ITC's hotel business has a stronger balance sheet compared to Indian Hotels, making a divestment of ITC's balance stake more valuable according to Chakri Lokapriya, CIO & MD, TCG AMC. While ITC will continue to hold a 40% stake, the new hotel business will have a cleaner balance sheet and royalties-like arrangements with other brands. Despite being at a multi-quarter low, Laurus Labs' management is confident about maintaining its FY24 guidance.