Home / Markets / Stock Markets /  ITC share price crosses 300 for first time in 3 years. Should you buy, sell or hold?
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ITC shares extended its rally on Thursday morning deals and climbed to a three year high. ITC share price today hit a fresh 52-week high of 302.20, after hitting the one year-high of 299.50 apiece in Wednesday's session when the company's 111th annual general meet (AGM) was underway.

In his speech at the AGM, ITC Chairman & MD Sanjiv Puri informed shareholders and board members about the stellar performance of the company in the recent years. Puri praised the company's performance in FMCG segment and announced the company's plans to foray in the global merchandise.

"As we achieve scale for your company’s FMCG portfolio, it is also our aspiration to take these world-class brands to overseas markets. In recent years, we have established distribution arrangements abroad enabling appreciable progress of exports of ITC’s ‘Proudly Indian’ brands to over 60 countries. Over time, such exports will make a substantial contribution to the growth of your Company’s value-added FMCG portfolio," ITC Chairman & MD said.

He said that ITC's interventions in the newer FMCG businesses have enabled robust growth of 25 per cent in revenue during the last two years of the pandemic, reaching nearly 16,000 crore in FY22. Despite the unprecedented inflationary headwinds, ITC sustained EBITDA margins last year and also improved margins by 6.5 per cent over the last 5 years.

Highlighting the company's performance in recent years, Sanjiv Puri said, “Despite the challenges, which were also compounded by severe inflationary headwinds, Gross Revenue of company grew by 22.7 per cent to over 59,000 crores whilst EBITDA rose to nearly 19,000 crores with an increase of 22 per cent. It is indeed heartening that, notwithstanding the near-term challenges, the company continues to deliver robust growth across all business segments, though inflation remains a key monitorable."

ITC share price target

As a recommendation, Ravi Singhal, CEO at GCL Securities said, "Those who have ITC shares in their portfolio are advised to hold the counter for short term target of 340. However, they must maintain a strict trailing stop loss at 265 apiece levels."

For those who want to buy the stock now, Singhal suggested that "One can buy ITC shares at current levels and keep on accumulating till 275 levels. However, they are also advised to maintain strict stop loss at 265 per share mark."

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

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