ITC hits 52-week high as Q1 profit beats estimates; stock surges 5%

The stock surged 5% to Rs 302 on the BSE on Friday after the company reported a better-than-expected 10% year-on-year jump in net profit at Rs 28.19 billion in June quarter.

Shares of ITC surged 5% to Rs 302 per share on the BSE on Friday after the company reported a better-than-expected 10% year-on-year jump in net profit at Rs 28.19 billion in June quarter (Q1FY19).

The net profit growth during the quarter was driven by robust performance across most segments. Analysts on average had expected net profit of around Rs 28 billion for the quarter.

The stock of country’s biggest cigarette maker has hit a 52-week high today, surpassing its previous high of Rs 297 recorded on July 27, 2017. It touched an all-time high of Rs 353