ITC rallies on strong Q4 results, nears 3-year high in a weak market

Cigarette volumes, price growth in FMCG biz, and agri exports to drive revenue

Shares of ITC surged 4.7 per cent to an intraday high of Rs 279.15, hitting almost a three-year high, even as markets were weak with the S&P BSE Sensex down 2.6 per cent and falling to their lowest levels in 2022. The stock closed 3.4 per cent higher at Rs 275.65.

The gains come after ITC reported strong results, on Wednesday evening, with around 9 per cent cigarette volume growth in the January-March quarter (fourth quarter, or Q4) of 2021-22 (FY22). The board has also recommended a final dividend of Rs 6.25 per share.

The stock of the cigarettes-to-hotels major hit its