ITC Share Hit 52 Week High: For the last few days, the shares of ITC company, which sells many products including cigarettes, are seeing a boom. As soon as the market opened on Thursday morning, its shares climbed up to 2 per cent. On May 25, ITC stock touched a 52-week high of Rs 442.50 on BSE.
On a monthly basis, since January this year, ITC shares are witnessing a boom. In the last one year, its stock is the best performing Nifty stock, which has given a return of 60 per cent. At the same time, during the last two years, this stock has given a return of 105 percent.
32% return this year
Since January till now, this stock has registered an increase of 32 percent. On the other hand, if we talk about six months, then this stock has registered 6.79 percent. ITC’s stock was at Rs 439.50 per share on May 25, 2023 at 12.42 pm.
Increase in cigarette volume
The company had disclosed the March quarter earnings on May 18, in which a good jump in cigarette volume was recorded. The company reported a 21.4 per cent growth in standalone net profit for the March quarter, beating experts’ estimates, driven by softening commodity prices and good cigarette sales.
How much profit booked
The company known for Gold Flake cigarettes and Bingo chips reported a net profit of Rs 5,086.86 crore for the quarter ended March 31, as against Rs 4,190.96 crore a year ago. Estimates made by Bloomberg analysts are higher than the figure of Rs 4,868 crore. Experts say that the reason for the increase in cigarette sales is that there is no increase in any tax or national calamity fee in the budget 2023.
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