ITC shares hit new all-time high, cigarettes-to-hotels conglomerate's stock up 35% so far in 2023 | Watch video
ITC shares reached an unprecedented Rs 452 apiece on BSE on Wednesday, taking its gains for the year to almost 35 per cent.
ITC share price NSE, BSE: Cigarettes-to-hotels conglomerate ITC's shares scaled a fresh peak on Wednesday, continuing to rise for the ninth session in a row. The ITC stock rose as much as half a per cent to touch an all-time high of Rs 452 apiece on BSE before slipping below the flatline.
ITC shares have broken a series of records over the past few weeks. The latest record high is 25 paise above its last peak, touched on Monday, and comes even as the ITC stock turned ex-dividend this week.
At the latest high, the stock took its gains for the year so far to nearly 35 per cent, sharply outperforming a two per cent rise in the benchmark Nifty index.
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ITC Q4 results
Earlier this month, the FMCG company reported a standalone net profit of Rs 5,090 crore for the quarter ended March 2023 as against Rs 4,191 crore for the corresponding period a year ago. Its quarterly net profit was better than analysts' estimates.
According to Zee Business research, ITC's quarterly profit was estimated at Rs 4,850 crore.
Its revenue from operations grew 1.4 per cent to Rs 17,506.1 crore, according to a regulatory filing.
ITC shares traded ex-dividend — without the value of the latest dividend — on May 30. This month, the company had announced a special dividend of Rs 2.75 and a final dividend of Rs 6.75 per ordinary share.
ITC shares: Target price
The ITC stock has already hit the targets placed by most brokerages. Many analysts are positive on the stock for more upside citing the company's strong fundamentals and structural outlook.
Phillip Capital maintained a high conviction ‘buy’ rating on ITC with a target price of Rs 475 per share — implying a further upside of five per cent from the latest record high.
ITC share price: Past performance
ITC shares have grown around 67 per cent in value in the last one year, a period in which the Nifty has risen 12 per cent.
As of May 30, the stock has risen almost 32 per cent in six months, sharply outperforming a one per cent decline in the index.
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