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ITC Second Top Nifty 50 Gainer Over A 1-Year Period; Hits Fresh 52-Week High
ITC-the conglomerate company is in news amid the volatile markets. In trade today on July 21, 2022 in a firm market, the stock of ITC has hit a fresh 52-week high and climbed past Rs. 300 for the first time in 3 years. ITC's all time high and low price are Rs. 367.7 and Rs. 4.14 per share, respectively.
What is moving the share of ITC higher?
Following just M&M in the Nifty 50 pack, ITC on a 1-year basis has logged returns to the tune of 44.5%. As is the trend, the FMCG counter-managed to tide the volatile market conditions and gained a good 37% on a YTD basis.
The phenomenal gains after a long correction phase has been owed to the demand recovery better than expectations and also a healthy margin outlook in the company's major cigarette business. Also, the company's hotel as well paper business is reportedly doing good. The company's paper business has got a traction after the centre's recent ban on single-use plastic. As per a report the company's Paper & Specialty Papers Division (ITC-PSPD) is into sustainable paper and paperboard solutions
Furthermore, the slowdown is least to impact the stock of ITC as its major products comprise food items.
Moreover there is seen a demand traction for the company's stock given the stable tax regime and this has enabled the company to boost the price of its product without worrying on the demand disruption.
