ITC Ltd shares saw a slight rise in morning trade on November 28 due to positive expectations for the company's hotels division, according to Jefferies.

The brokerage mentioned that the ITC Hotels demerger is expected to be completed in the January-March quarter of the current fiscal year, which would position ITC Hotels as the second-largest player in the Indian hotel sector in terms of revenue, EBITDA, and room inventory.

Jefferies also noted that ITC Hotels currently represents around four percent of the sum-of-the-parts (SoTP) valuation of ITC, indicating potential for value unlocking after listing.

The hotels division is projected to have a strong balance sheet, with estimated net cash levels of Rs 1,000-1,500 crore.

As of 10:10 AM, ITC shares were trading at Rs 480.05, reflecting a 0.65 percent increase from the previous session's close.