HUL, an Indian FMCG giant with closing price of Rs. 1,604.50 on Friday has knocked down the rival company ITC in market cap by a tad. The stock surged by as much as 2.22% in intra-day trade today and reached a 52-week high of Rs. 1607.85 on the BSE.
Considering Friday's 52-week high price, HUL's market cap pipped past ITC at Rs 3,47,300 crore ($51.01 billion) vs the latter's m-cap which stood at Rs 3,47,200 crore. The stock moved past the resistance at Rs 1,595 due to a pull given on account of huge volume. The 5-day average volume in the stock increased by 97% in comparison to its 30-day average volume.
Notably, the stock over the last one year has increased by a huge 55% as it surged past Rs. 1569.25 on May 17, 2018, in comparison ITC has held on to the similar level. ITC stock a year ago was seen quoting a price of Rs. 281.85 while in today's intra-day trade it closed at a price of Rs. 282.15.
Brokerages after the announcement of HUL's Q4FY18 result have maintained a buy rating and at the same time have increased the target price. For ITC, brokerage houses have recommended the stock with a 12-month target price of Rs 340 per share.