ITC share price rose 1% to Rs 402.6 and hit a fresh all-time high today after the firm informed stock exchanges that it is set to acquire Sproutlife over the next three to four years. Meanwhile, Rajiv Jain-led GQG Partners Emerging Markets Equity Fund increased its stake in ITC for the third straight quarter in a row, according to reports. With the stock price touching new highs, the company has now become the 11th listed Indian firm to cross Rs 5 trillion market capitalisation. ITC shares have risen 55% in the last one year and 5% in the past one month. At the current price of Rs 398.5 per share, the company’s market capitalization on BSE stands at Rs 4.95 lakh crore. The NSE Nifty 50 was trading 10 points lower at 17,608 while BSE Sensex was up 12 points at 59,580.12.
“ITC’s shares touched a 52-week high, reflecting a positive outlook for the company. The legal cigarette industry is gaining market share from illegal sales due to rational tax policy, which bodes well for ITC’s cigarette business. Both the cigarette and FMCG sectors are expected to witness double-digit earnings growth in FY24, driven by good margin recovery in the FMCG business. ITC’s valuation remains attractive compared to other consumer staples firms, even at the current all-time high, making it a strong choice for investors,” said Sonam Srivastava- Founder at Wright Research.