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ITC Hits Rs 5.5 Trillion Market Cap, Shares Rise for 6th Straight Day

ITC closed at Rs 443.7 today, up 0.59% from Rs 441.1 yesterday.

ITC’s market capitalisation touched the Rs 5.50 trillion mark, with shares of the cigarette-to-hotel giant touching a fresh high of Rs 443.85, up 1% on the BSE in intraday trade on Friday.

With a market capitalisation of Rs 5.51 trillion, ITC is currently ranked sixth in the overall market capitalisation ranking, according to BSE. In contrast, the S&P BSE Sensex rose 0.36% to 62,098 at 10:01 am.

Shares of the largest cigarette and second-largest fast-moving consumer goods (FMCG) company climbed for a sixth straight day, rising 6%. So far in calendar year 2023 (CY23), ITC has outperformed the market, gaining 33% compared with the benchmark index’s gain of 1.5%.

At the beginning of CY23, ITC had a market capitalisation of Rs 4.12 trillion. During the period, it outpaced Infosys, State Bank of India, Housing Development Finance Corporation (HDFC), Bharti Airtel, Adani Enterprises and Life Insurance Corporation of India (LIC), the data showed.

ITC will end its dividend ex-dividend date on May 30, 2023. Last week, the company’s board recommended a final dividend of Rs 6.75 per share and a special dividend of Rs 2.75 for the financial year ending March 31, 2023. The Company has established May 30, 2023, as the record date for determining shareholders’ entitlement to pay the dividend.

ITC is seeing strong revenue growth across its businesses for the 2022-23 financial year (FY23). The company also saw margin growth across business segments as procurement efficiencies, premiumisation, supply chain efficiencies, and pricing strategies mitigated input cost inflation.

KRChoksey Shares and Securities maintained its “buy” call on ITC with a target price of Rs 492 per share.

BOB Capital Markets maintained its “buy” rating on ITC with a target price of Rs 486 (previously Rs 459).

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