This multi-faceted FMCG stock is finally getting recognition! Do you own it?
In the past six months, the stock climbed over 34 per cent and 7 per cent in just one month.
On Tuesday, the share price of ITC jumped nearly 3 per cent to a new 52-week high of Rs 316.65 a piece on BSE, after its consolidated net profit rose 33.46 per cent on a YoY basis to Rs 4,462.25 crore in April-June 2022 quarter.
In the comparable quarter of the previous year, the company generated a profit of Rs 3,343.44 crore. The stock of ITC has surpassed the previous record high set on Monday at Rs 308.80. It could rise by up to 15 per cent, according to analysts, who have set a target price of Rs 355 per share. ITC's share price has increased by more than 50 per cent over the past year and by 42.13 per cent, so far this year.
In the past six months, the stock climbed over 34 per cent and 7 per cent in just one month. Analysts highlighted that the momentum in other companies is anticipated to remain strong, with the exception of agribusiness, where the prohibition on wheat exports may result in relatively muted growth in the following quarters.
The scrip finally hit Rs 300 mark on July 22, 2022, and has been retaining the price since then.
The stock is trading at Rs 309 on BSE and is witnessing a spurt in volume by 2x.