ITC gains 2% to hit a new high on strong Q3 results; stock up 13% in a week

Given tax increase in the Budget 2023 is insignificant, ITC would continue to witness strong volume growth in cigarette business in future, said analysts

Shares of ITC gained 2 per cent to hit a new high of Rs 388.20 per share in Monday’s intra-day trade, after the tobacco-to-hotels major reported 23.4 per cent year-on-year (YoY) jump in net profit to Rs 5,007 crore in the December quarter (Q3FY23) from Rs 4,057 crore, in the same quarter last year. 

At 09:37 am; ITC traded 1.3 per cent higher at Rs 385.30, as compared to 0.52 per cent decline in the S&P BSE Sensex. In the past one week, the stock outperformed market as shares surged 13 per cent, as against 1.8 per cent gain