ITC hits 52-week high on hopes of strong Q1 nos; soars 36% thus far in 2022

ITC is expected to post strong 23.3% revenue growth led by 21.8% growth in the cigarettes business, 28% growth in paperboard business & 17.5% growth in FMCG business, ICICI Securities said.

Shares of ITC hit a fresh 52-week high of Rs 296.65 as the stock gained 1 per cent on the BSE in Monday’s trade on expectations of strong earnings in the June quarter (Q1FY23) led by healthy volume growth in cigarettes business. In comparison, the S&P BSE Sensex was down 0.51 per cent at 54,203 points, at 12:15 pm.

So far in the calendar year 2022(CY22), ITC has outperformed the market by surging 36 per cent as against an 8.5 per cent decline in the Sensex. The stock had hit a record high of Rs 353 on July 3,