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Business News/ Markets / Stock Markets/  GQG Partners raises stake in ITC in Q4, stock hits 52-week high
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GQG Partners raises stake in ITC in Q4, stock hits 52-week high

GQG Partners Emerging Markets Equity Fund has increased its holding in ITC from 1.29 per cent in the December quarter to 1.44 per cent at the end of March quarter.

On Tuesday, the stock ended 0.44 per cent down at ₹398.45 on the BSE . Photo: ReutersPremium
On Tuesday, the stock ended 0.44 per cent down at 398.45 on the BSE . Photo: Reuters

Investment firm GQG Partners Emerging Markets Equity Fund, has raised stake in FMCG major ITC during the March quarter. The firm had recently invested in Adani group companies after the Hindenburg Research.

The investment fund, GQG Partners Emerging Markets Equity Fund has increased its holding in the FMCG major from 1.29 per cent in the December quarter to 1.44 per cent at the end of March quarter.

GQG Partners Emerging Markets Equity Fund currently holds 178,771,863 shares in the company. It has added around 19.17 lakh additional shares in the March quarter, according to the latest shareholding data available with the exchanges.

In the December quarter, the firm held 159,599,760 shares in ITC.

According to the shareholding data available, in the public shareholders, mutual funds have a combined stake of 9.47 per cent in the cigarette-to hotels conglomerate, while insurance companies own about 20.44 per cent.

While the foreign investors holding is at 14.21 per cent, retail investors own about 12.42 per cent in the company, as of March quarter.

On Tuesday, the stock ended 0.44 per cent down at 398.45 on the BSE. The stock hit its fresh 52-week high at 402 today ahead of its fourth quarter earnings.

On Monday, the shares of ITC was up by more than 1 per cent to settle at 400 apiece on the BSE. The Analysts remain bullish on the stock while maintaining their 'Buy' stance.

The index heavyweight has been one of the top performers on the Street, rising nearly 19.81 per cent on a year-to-date basis. In the last one year, the shares have jumped nearly 50 per cent.

Domestic brokerage house Prabhudas Lilladher has an 'accumulate' rating on the ITC stock with a target price of 444, implying an upside of 13 per cent. The brokerage sees ITC among the best performers from the consumer space in the March 2023 quarter.

Sharekhan has reiterated its 'buy' call with a target price of 450, suggesting an upside potential of 15 per cent. "Attractive valuations at 23 times/21 times its FY2024/FY2025E EPS and double-digit earnings growth visibility make it our preferred pick in the large consumer goods space from a medium to long-term perspective, the note said.

The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

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Published: 18 Apr 2023, 05:34 PM IST
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