HomeLifestyleFor the first time in 3 years, ITC's shares crossed 300, so...

For the first time in 3 years, ITC’s shares crossed 300, so far this month has climbed 10 percent, how will it move ahead?

Highlights

On Thursday, July 21, ITC’s shares reached Rs 302.20 in intraday trading.
In the year 2022, this stock has jumped 38 percent.
ITC’s stock has jumped 10 per cent so far in July.

New Delhi. The continued rise in the shares of FMCG company ITC for the last several days continued on Thursday, July 21. Today the shares of the company have reached Rs 300 in intraday. This is the first time in the last three years that ITC shares have touched this level. This is also the new 52-week high of the stock. The company’s shares have gained 10 percent so far this month and in the year 2022, this stock has jumped 38 percent.

Earlier in May 2019, ITC shares touched the level of Rs 300. On Thursday, July 21, ITC’s shares reached Rs 302.20 in intraday trading. Yesterday i.e. on Wednesday also, there was a rise in the shares of ITC, and it had reached Rs 299.50. After crossing the level of Rs 300 on Thursday, there was a slight decline in ITC stock. At 12:15 pm, the stock was trading at Rs 298.90, up 0.10 per cent on the NSE.

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Why did it accelerate?
Moneycontrol According to a report in India, analysts believe that the prospects of agri commodity business are good due to the Russo-Ukraine war. This can lead to a good increase in ITC’s revenue growth and margins. The company’s other businesses such as hotels, paper and paperboards business are also strong.

ITC is yet to announce its June quarter results. However, 14 analysts of Bloomberg have estimated the company’s net profit at Rs 3,985.90 crore and income of Rs 15,093.70 crore in the June quarter. Analysts say that it has been a good stock for a safe investment in market volatility.

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Ventura gave a target price of Rs 340
Brokerage firm Ventura Securities said that the growth of every business segment of the company is strong. The company’s total income can reach Rs 86,678.6 crore by the financial year 2021-24. The company’s net profit can be Rs 19.739.7 crore with a CAGR of 14.5%. Brokerage says that ITC can go up to Rs 340 in the short term. The brokerage has advised investors to set a stop loss of Rs 265.

(Disclaimer: The stocks mentioned here are based on the advice of brokerage houses. If you wish to invest in any of these, please consult a Certified Investment Advisor first. News18 is not responsible for any profit or loss caused by you. Will happen.)

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