ITC has moved higher by over 2% at Rs 298,also its lifetime high, after reporting a better-than-expected 21% year-on-year (yoy) growth in net profit at Rs 1,836 crore for the second quarter ended September 2012 on back of higher sales. Analysts on an average had forecast profit at Rs 1,724 crore from the fast moving consumer goods major.
Net sales too grew by higher than expected 20% to Rs 7,146 crore in the September quarter from Rs 5,974 crore in a year ago period. Analysts had expected net sales at Rs 6,880crore.
The stock opened at Rs 292 and has seen a combined 8.51 million shares changing hands on the counter so far on both the exchanges.
