ITC hits new high in a subdued market; zooms 63% thus far in 2022

Post Q2 results, most brokerages have either recommended a 'buy' and an 'accumulate' rating on ITC with target prices in the range of Rs 365 to Rs 405

Shares of ITC hit a new high of Rs 356.20, gaining 2 per cent on the BSE in Wednesday’s intra-day trade, in an otherwise subdued market.

The stock of the tobacco major has surpassed its previous high of Rs 354, which it had touched on October 21, 2022, after the company delivered good results in the July-September quarter for the 2022-23 financial year (Q2FY23). In comparison, the S&P BSE Sensex was down 0.40 per cent at 60,877 points at 12:49 PM.

Thus far in the calendar year 2022, ITC has rallied 63 per cent, as against 2.8 per cent rise