ITC reclaims 3 lk cr market-cap, hits new 52-week high - stock hits analysts target; up 13% in a week
Fast-moving consumer goods (FMCG) company ITC on Wednesday reclaimed market capitalisation Rs 3 lakh crore- mark amid after the shares of the company hit a 21-month high on the bourses. The stock was trading at its highest level since December 2019, its also when it had the same market cap.
Fast-moving consumer goods (FMCG) company ITC on Wednesday reclaimed market capitalisation Rs 3 lakh crore- mark amid after the shares of the company hit a 21-month high on the bourses. The stock was trading at its highest level since December 2019, it’s also when it had the same market cap.
The stock on Wednesday has gained around 2 per cent and touched a new 52-week high of Rs 245.8 per share on the BSE intraday trade.
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The counter in the last week has jumped around 13.5 per cent, outperforming the market amid the expectations of an improvement of the company’s business. The S&P BSE Sensex has been trading 0.62 per cent higher during the last week, in comparison.
At around 15:04 pm, ITC’s market cap stood at Rs 3,00,369.56 lakh crore, as per the data available on the BSE shows.
The majority of the global brokerage houses are bullish on ITC as the company’s cigarettes business will fully recover with the aggressive vaccination drive and reduction in Covid-19 cases, they believe.
The biggest cigarettes company — ITC's cigarettes volumes had been impacted due to the second wave of Covid earlier this year, which was reported by the company in the first quarter of the financial year 2021-22 (down 21 per cent on a two-year basis).
The company, however, has seen week‐on‐week improvement since mid-June with most markets returning to normalcy and witnessing faster recovery compared with the first wave.
Earlier last week, Choice Broking Executive Director Sumeet Bagadia has expected the stock would show an immediate surge of Rs 240-250 per share levels amid the abrupt surge in the stock.
He had said the overall FMCG sector has been buzzing and ITC being an underperformer is trying to catch-up the trend of the index.
Similarly, another market analyst Simi Bhaumik had also believed that the scrip would surge to Rs 245-250 per share in another 10 days, as the stock looks good on charts. The analyst adds, the stock has more reason to surge ahead as it's a portfolio stock.
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