On Monday, ITC shares hit a two-year high of Rs 293, which gained 3% on the Bombay Stock Exchange (BSE). The diversified Fast Moving Consumer Goods (FMCG) stock was trading at its highest since May 2019 and has surged by 7%.

Moreover, in the last week, the shares soared 10 per cent, compared to a 0.69 per cent rise in the S&P BSE Sensex.

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ITC is the best performing stock among the S&P BSE Sensex and Nifty50 index, surging 33 per cent in the past six months, as against an 11 per cent fall recorded by the benchmark indices during the period. The stock has zoomed 117 per cent from its March 2020 low of Rs 134.95. It hit a record high of Rs 353 on July 3, 2017.

In recent years, ITC has allowed the price to increase to avoid a disruption in demand.