ITC rose 1.7% to Rs 341.50 at 15:09 IST on BSE after a foreign brokerage maintained outperform rating on the stock.
Meanwhile, the S&P BSE Sensex was down 108.92 points or 0.43% at 25,473.19.
On BSE, so far 7.82 lakh shares were traded in the counter as against average daily volume of 7.02 lakh shares in the past one quarter.
The stock hit a high of Rs 342.80 and a low of Rs 335.80 so far during the day. The stock hit a record high of Rs 386.75 on 16 May 2014. The stock hit a 52-week low of Rs 285.40 on 28 August 2013.
The stock had underperformed the market over the past one month till 8 July 2014, sliding 0.34% compared with the Sensex's 0.73% rise. The scrip had also underperformed the market in past one quarter, declining 2.82% as against Sensex's 14.49% rise.
The large-cap company has equity capital of Rs 795.50 crore. Face value per share is Rs 1.
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According to the foreign brokerage estimates, if the rise in excise duty is within 20%, then ITC is likely to deliver 16-20% earnings growth, and the stock will make up its underperformance to other consumer stocks. The brokerage is positive that excise duty hike on cigarettes is unlikely even though investors are nervous due to the Health Minister's demand for a 100 percent-plus hike in cigarette excise, as per reports.
Meanwhile, the shares of ITC were on a roll recently ahead of Union Budget tomorrow, 10 July 2014. The stock had rallied 6.24% in nine trading sessions to settle at Rs 335.80 on Tuesday, 8 July 2014, from a recent low of Rs 316.05 on 25 June 2014.
ITC's net profit rose 18.2% to Rs 2278.01 crore on 11.8% growth in net sales to Rs 9145.14 crore in Q4 March 2014 over Q4 March 2013.
ITC has a diversified presence in cigarettes, hotels, paperboards & specialty papers, packaging, agri-business, packaged foods & confectionery, information technology, branded apparel, personal care, stationery and other FMCG products. ITC is a market leader in cigarettes.
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