After 3 years, shares of ITC hit Rs 300 level
NEW DELHI: After showing the least movement in the last year’s bull-run, the calendar year 2022 clearly belongs to ITC shareholders. Shares of cigarette to hotel conglomerate on Thursday surpassed the Rs 300 mark for the first time in three years amid overall positive sentiment in the market.
ITC stock on Thursday intraday trading hit a fresh 52-week high of Rs 302.2 and closed 0.47% higher at Rs 299.50 against the previous close of Rs 298.10 on BSE. ITC shares have gained 45.5% in the last year and in 2022 alone, it has surged by 38%.
In contrast, BSE FMCG Index has gained 11.36% in 2022 and the benchmark BSE Sensex has corrected by around 6%. If market analysts are to be believed, the stock may witness more buying as it may even breach the Rs 350-level. Brokerage firm Centrum Broking had earlier assigned a buy call on ITC stock with a target price of Rs 351 while Motilal Oswal last month gave a target price of Rs 335.
Ravi Singhal, CEO at GCL Securities, has advised ITC shareholders to hold the counter for a short-term target of Rs 340, while maintaining a strict trailing stop loss at Rs 265 apiece levels. Singhal also suggested that one can buy ITC shares at current levels and keep on accumulating till Rs 275 levels.
Ravi Singh, vice-president and head of Research, Share India, said the stock is potentially stronger than peers due to its robust recovery in the cigarette and hotel business and cost optimisation. “On technical setup, the counter is in a strong bullish trend by major momentum indicators. Investors may hold their positions for a target of Rs 325 in the near term,” said Singh.
The company’s share hit 52-week high of Rs 302.2
ITC stock on Thursday intraday trading hit a fresh 52-week high of Rs 302.2 and closed 0.47% higher at Rs 299.50 against the previous close of Rs 298.10 on the BSE