ITC Share Price Rise: ITC has performed so well in 2022 that it has seen a strong growth of 32% this year and has jumped more than 10% in the last 6 days.
ITC Share Price: Fast Moving Consumer Goods (FMCG) giant ITC’s stock continues to rise. The stock has made good progress in the year 2022 and has seen a 10% increase in the last 6 days. Speaking of yesterday’s business, ITC’s share has come down to Rs 293, which is its highest level since 2019.
How is the business going in ITC?
ITC’s stock was trading on the BSE Sensex with a total jump of 2% and hit a three-year high of Rs 293. ITC’s stock has performed so well in 2022 after a slowdown over the past several years that it has seen a strong growth of 32% this year, while the benchmark index Sensex has risen 11% so far this year. The decline is obvious. .
Why is the stock rising?
There are a number of reasons behind the rise in ITC shares. This is also one of the reasons for the company’s good results in the January-March quarter, when the company’s net profit rose 12 per cent to Rs 4,195 crore. Its net profit for the January-March quarter last year was Rs 3,755 crore. At the same time, the company’s revenue rose 15 per cent to Rs 17,754 crore in the same quarter from Rs 15,404 crore in the same quarter last year.
Motilal Oswal’s confidence in the stock had increased.
Most recently, in June, Motilal Oswal upgraded its rating by boosting confidence in ITC stocks and placed it in the ‘Buy On Demand’ category. Motilal Oswal, in his note to ITC Shares, said that the company’s hotel business was also improving after the Corona epidemic and the FMCG sector which was less affected during the Kodak era. It is growing fast now. Healthy outlook margins, better distribution of capital in the cigarette business have created good sentiment for ITC stocks and its impact is now being seen on the share price.
ITC is a Kolkata-based company with a presence in various businesses, including FMCG, hotel business, packaging, paper boards, specialty papers and agri business.