BackITC share price near highest in 3 years. What's moving the stock?
ITC share price has been rising for last four sessions, ascending more than 10 per cent in this period
PremiumRiding on strong quarterly numbers fueled by robust growth in cigarette volumes, ITC shares have climbed to near 3 years highest levels. ITC share price today opened upside and went on to hit its new 52-week high of ₹282.35 apiece levels on NSE. As per the stock market experts, ITC shares are in bull trend and it may go up to around ₹320 levels in short term.
Highlighting the reasons for rise in ITC shares, Mudit Goel, Senior Research Analyst at SMC Global Securities said, "ITC share price is in bull trend and it may further continue to rally in upcoming sessions in short term. It has recently given breakout at ₹255 levels on closing basis. So, those who have this stock in their portfolio are advised to hold the stock for short term target of ₹320 whereas fresh buyers may also enter at current levels."
On fundamentals that may fuel ITC share price rally in long term, ICICI Securities report says, "ITC delivered a solid performance with another quarter of robust growth in cigarette volumes (around 9 per cent) which surpassed pre-Covid levels and now seems on growth trajectory, a steady 12 per cent growth in FMCG business despite a high base with sequential improvement in margins, hotels business turning around and above expected growth in both the Agri (29 per cent growth) and paperboards (32 per cent growth) businesses on a high base."
ITC shares have been rising for last four sessions. In last four days, ITC scrip has surged from around ₹254 to ₹281, logging more than 10 per cent rise in this period. The stock has been in uptrend after 24th February 2022 and it has delivered more than 25 per cent return to its shareholders in 2022.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!
