ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Personal Finance
  • Markets
    • Stocks
    • Global Markets
    • IPO
    • Companies
    • Currency
    • Commodities
  • My Money
  • Web Stories
  • Calculators
    • Income Tax Calculator
    • Home Loan/EMI Calculator
    • Mutual Fund Returns Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • SIP calculator
    • Lumpsum Calculator
    • SWP Calculator
  • Videos
    • M Se Market
    • Jeb Zindagi Zaroorat
    • Light Camera Stocks
    • Tech Takes
    • Big Bulls Ka Nishana
    • Paisa Wasool
    • Commodity Ke MrityunjayMantra
    • The Right Property Show
  • Economy & Infra
    • Policy & Initiatives
    • Agriculture
    • Telecom
    • Aviation
    • Railways
    • Retail
    • Roadways
    • World Economy
  • Exclusive
    • Wealth Guide
    • Interviews
  • Auto
    • Cars
    • Bikes
    • Electric Vehicle
    • Commercial Vehicles
  • Tech
    • Mobiles
    • Gadgets
    • Reviews
    • Tips and Tricks
    • Apps
  • Samco Acers
  • Samco Mission Ace The Index
  • Real Estate
    • Home Buyers
    • Builders
  • Trending
    • Entertainment
    • Politics
    • Lifestyle
    • Travel
    • Sports
    • Viral
    • Education
    • Jobs
Read in App
Business News » Markets News

ITC share price hits new 52-week high on back of improved outlook; up 11% in 3 sessions – Check what analyst says

Surging for the third straight session on Monday, the shares of cigarettes and FMCG major ITC hit a fresh 52-week high of Rs 239.4 per share after rallying for over 3.5 per cent on the BSE intraday trade on Monday on the back of improved quality expectations and analysts being bullish on the counter.

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
ITC share price hits new 52-week high on back of  improved outlook; up 11% in 3 sessions – Check what analyst says
At around 12:25 pm, the stock is trading over 2 per cent to Rs 236.05 per share on the BSE: PTI

Surging for the third straight session on Monday, the shares of cigarettes and FMCG major ITC hit a fresh 52-week high of Rs 239.4 per share after rallying for over 3.5 per cent on the BSE intraday trade on Monday on the back of improved quality expectations and analysts being bullish on the counter.

The scrip breached its previous high of Rs 239.15, which it touched on February 9, 2021, and jumped around 11 per cent in the last three trading sessions as against a 0.59 per cent rise in the S&P BSE Sensex.

See Zee Business Live TV Streaming Below:

ITC is set to see a recovery in cigarette volumes & earnings in coming quarters, says a global brokerage firm in its report on Monday, further adding that the valuations are attractive and stock offers 5 per cent yield. 

According to the brokerage, the Goods and Service Tax (GST) Council made no rate change in any of the cess sectors, including Tobacco. It has maintained an Outperform rating and revised its price target to Rs 300 from 275 per share.

The company has around 78 per cent market share in the cigarette market and a presence in staples, biscuits, noodles, snacks, chocolate, personal care, dairy among other products.

In the first quarter of FY22, ITC's cigarettes volumes were impacted by the second wave (down 21 per cent on a two-year basis). However, week‐on‐week improvement was seen since mid-June with most markets returning to normalcy and witnessing faster recovery compared with the first wave. 

Choice Broking Executive Director Sumeet Bagadia said with the overall FMCG sector is buzzing, ITC has been an underperformer and trying to catch up the trend. He expects the price would reach Rs 240-250 per share immediately in few days, with support of Rs 215 apiece.

At around 12:25 pm, the stock is trading over 2 per cent to Rs 236.05 per share on the BSE, as compared to 0.14 per cent fall in the S&P BSE Sensex at the same time on Monday.

 

Disclaimer: The views/suggestions/advices expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
ITC
Written By: Vaibhav Gautam Bansode
Edited By: Ravi Kant Kumar
Updated: Mon, Sep 20, 2021
02:20 pm
Mumbai, ZeeBiz WebDesk
RELATED NEWS
ITC shares hit new all-time high, cigarettes-to-hotels conglomerate's stock up 35% so far in 2023 | Watch video ITC shares hit new all-time high, cigarettes-to-hotels conglomerate's stock up 35% so far in 2023 | Watch video
ITC shares trade ex-dividend today ITC shares trade ex-dividend today
ITC scales fresh record high amid firm market; stock rallies over 6% in 5 sessions ITC scales fresh record high amid firm market; stock rallies over 6% in 5 sessions
ITC hits yet another all-time high; is there more upside ahead? ITC hits yet another all-time high; is there more upside ahead?
Should you buy, sell or hold SBI, ITC, IndiGo, Concor, Zydus Lifescience and other shares? Should you buy, sell or hold SBI, ITC, IndiGo, Concor, Zydus Lifescience and other shares?

LATEST NEWS

Logistics firm Western Carriers files IPO papers with Sebi

Exclusive: India likely to sell BrahMos missiles to Vietnam in deal ranging up to $625 million

Bonanza for cricket lovers! Disney+ Hotstar to stream ICC Men's World Cup and Asia Cup 2023 for free

Dhanbad illegal mine collapse: DC sets up committee to probe incident

IND vs AUS WTC Final, Day 4 FREE Live Streaming: When and Where to watch India vs Australia Live Streaming online, Apps and TV Channel details

Netflix, Amazon, Disney-backed group protests India's tobacco rules

FINAL TRADE: Sensex ends 223 pts lower, Nifty settles at 18,568; tech stocks bleed

Zydus commences trial to generate data on effect of Saroglitazar Mg in NAFLD patients

Realme 11 Pro 5G/Realme 11 Pro+ 5G comes to India: Estimated price, storage options, RAM and other key details

Iran denies report of nearing interim nuke deal with US

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
© 2023. Indiadotcom Digital Private Limited. All Rights Reserved.
LIVE TV