
ITC shares rise 2% on strong Q1; analysts see up to 23% upside
The board of ITC also approved ITC Hotels' demerger in a swap ratio of 1:10, which is likely to be completed over the next 15 months.
The board of ITC also approved ITC Hotels' demerger in a swap ratio of 1:10, which is likely to be completed over the next 15 months.
Shareholders seemed to be unhappy with demerger ratio as they would not get one share against each share they are holding in ITC.
The FMCG major has joined the league of biggies such as RIL, TCS, HDFC Bank, ICICI Bank, HUL, and Infosys to become the seventh-most valued firm on BSE.
The FMCG major touched a new high of ₹443.85 intraday today on the back of a continued rise in share price for the last six sessions.
The FMCG heavyweight became the 11th BSE-listed entity to touch ₹5 lakh crore mark after shares scaled a new all-time high of ₹402.60 in intraday trade.
The FMCG heavyweight hit a new record high of ₹401.95 during the session, breaching the previous high of ₹398.2 touched in intraday trade on April 11.
The cigarette-to-hotel conglomerate is expected to report double-digit growth in its net profit for Q4 FY23, aided by cigarettes and FMCG businesses.
Shares of cigarette-to-hotel conglomerate gained as much as 6.3% in early trade to hit a fresh record high of ₹384.4 even after the government raised duty on cigarettes by 16%.
The share price of ITC jumped as much as 11% from day’s low to hit a new all-time high of ₹365.65 on the BSE, driven by strong volume.
The cigarette-to-hotel conglomerate will buy Yoga Bar parent in one or more tranches over a time period of about three to four years.