ITC shares cross Rs 300 mark for the first time in 3 years
The rise in the shares of FMCG company ITC for the last several days continued on Thursday, July 21. Today the shares of the company have reached Rs 300 in intraday. This is the first time in the last three years that ITC shares have touched this level. This is also the new 52-week high of the stock. The company’s shares have gained 10 percent so far this month and in the year 2022, this stock has jumped 38 percent.
Earlier in May 2019, ITC shares touched the level of Rs 300. On Thursday, July 21, ITC’s shares reached Rs 302.20 in intraday trading. Yesterday i.e. on Wednesday also the shares of ITC were bullish, and it had reached Rs 299.50. After crossing the level of Rs 300 on Thursday, there was a slight decline in ITC stock. At 12:15 pm, the stock was trading at Rs 298.90, up 0.10 per cent on the NSE.
Why did it accelerate?
According to a report by Moneycontrol, analysts believe that the prospects of agri commodity business are good. This can lead to a good increase in ITC’s revenue growth and margins. The company’s other businesses such as hotels, paper and paperboards business are also strong.
ITC is yet to announce its June quarter results. However, 14 analysts of Bloomberg have estimated the company’s net profit at Rs 3,985.90 crore and income of Rs 15,093.70 crore in the June quarter. Analysts say that it has been a good stock for a safe investment in market volatility.
