BUSINESS

ITC Stock Up 12% in 3 Days

ITC Ltd shares rose to a fresh 52-week high of Rs 239.40, up 4 per cent on the BSE in the intra-day trade on Monday, surpassing its previous high of Rs 239.15, touched on February 9, 2021. In the past three trading days, the stock of the cigarette and fast-moving consumer goods (FMCG) major has rallied 12 per cent, compared to a 0.59 per cent rise in the S&P BSE Sensex.

ITC has a 78 per cent market share in the cigarette market and has a presence in staples, biscuits, noodles, snacks, chocolate, dairy and personal care products. The company is also present in the paperboard, printing & packaging business with revenue of Rs 4,549 crore and agribusiness with Rs 8,001 crore (as of FY21). Its hotel business is also seeing recovery following the unlocking of the economy and pick-up in travel.

In the April-June quarter, ITC’s cigarettes volumes were impacted by the second wave (down 21 per cent on a two-year basis). However, week‐on‐week improvement was seen since mid-June, with most markets returning to normalcy and witnessing faster recovery compared with the first wave.

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