itc shares, ITC shares continue to rise… 3 consecutive years high! – itc shares’ rally continues as stock surges to 3-year high

Shares of ITC Ltd rose to a 3-year high in the early session today, while shares on the Sensex rose 2% each to Rs 290. This was the highest since 2019. The stock has performed well on a YTD basis in 2022 after a lackluster performance in the last few years. Because it has risen more than 32% compared to 11% fall in the Sensex during this period.

ITC has diversified presence in industries like FMCG, Hotels, Packaging, Paperboards, Specialty Papers and Agribusiness. In the FMCG sector, it recorded a 12% growth in net profit at Rs 4,195 crore during the January-March period. It was Rs 3,755 crore a year ago. The Kolkata-based company’s revenue from operations rose 15% to Rs 17,754 crore. It was Rs 15,404 crore in the same period last year.

FMCG revenue grew 12.3% to Rs 4,141.9 crore in the quarter, while cigarette revenue grew 10% to Rs 6,443 crore. The hotel business segment reported revenue of Rs 389.6 crore for the quarter. This is 35.3% higher than the previous year.

Brokerage firm Motilal Oswal has upgraded ITC’s stock to Buy in mid-June.