ITC rose 3.39% to Rs 355.15 at 15:18 IST on BSE, with the stock extending recent gains triggered by the company's hospitality unit announcing tie-up with RP Group Hotels & Resorts to manage 5 hotels in India and Dubai.
Meanwhile, the S&P BSE Sensex was up 706.79 points, or 3.54%, to 20,668.95
On BSE, 5.52 lakh shares were traded in the counter as against an average daily volume of 6.89 lakh shares in the past one quarter.
The stock hit a high of Rs 356 and low of Rs 346 so far during the day. The stock had hit a record high of Rs 380 on 24 July 2013. The stock had hit a 52-week low of Rs 252 on 18 September 2012.
The stock's gain of 7.33% over the past one month till 18 September 2013, matched that of Sensex. The scrip had also outperformed the market in past one quarter, gaining 4.04% as against Sensex's 3.84% rise.
India's largest cigarette maker by sales has an equity capital of Rs 791.64 crore. Face value per share is Re 1.
Shares of ITC gained 7.12% in four trading days from a recent low of Rs 331.55 on 13 September 2013 after the company's hospitality unit ITC Hotels on 16 September 2013, said it has tied up with RP Group Hotels & Resorts to manage 5 hotels in India and Dubai, under ITC Hotels' 5-star 'WelcomHotel' brand and the group's mid-market to upscale 'Fortune' brand. The tie-up has been firmed up through a Memorandum of Understanding between ITC Hotels and RP Groups Hotels & Resorts. While the two WelcomHotels are already under a management contract and will be flagged off immediately, the three Fortune hotels are a part of the signed MOU and will be launched subsequently, ITC Hotels said in a statement.
As part of its expansion drive, ITC Hotels proposes to add several managed hotels to its brand portfolio, it said. On the anvil are an ITC super-premium luxury hotel in Mahabalipuram, a WelcomHotel in Jodhpur, Patna and Chandigarh and more than 30 hotels under the Fortune brand.
ITC's net profit rose 18.1% to Rs 1891.33 crore on 10.7% growth in total income to Rs 7613.88 crore in Q1 June 2013 over Q1 June 2012.
ITC has a diversified presence in cigarettes, hotels, paperboards & specialty papers, packaging, agri-business, packaged foods & confectionery, information technology, branded apparel, personal care, stationery and other FMCG products. ITC is a market leader in cigarettes.
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