ITC hits new high on solid Q2 performance; analysts see up to 16% upside

Analysts believe ITC would continue to grow in its core business of Cigarettes and FMCG with stable taxation & softening of raw material prices.

Shares of ITC hit an all-time high of Rs 354, up 1 per cent on the BSE in Friday’s intra-day trade after the company reported solid earnings for the September quarter (Q2FY23).

The stock surpassed its previous high of Rs 353, which it touched on July 3, 2017. Thus far in the calendar year 2022 (CY22), ITC has outperformed the market by zooming 62 per cent, as compared to 0.53 per cent rise in the S&P BSE Sensex.

Tobacco-to-hotels major ITC on Thursday reported 24.4-per cent year-on-year (YoY) jump in its consolidated net profit for Q2FY23, which came