ITC Shares Scale A New High For The First Time Since 2019: Details Here

ITC has emerged as one of India's foremost private sector companies and a diversified conglomerate with businesses spanning Fast Moving Consumer Goods, Hotels, Paperboards and Packaging, Agri Business and Information Technology. The Company has been acknowledged as one of India's most valuable business corporations.

ITC has a market capitalization at Rs 3,69,321 crore at the time of writing the story (11:57 pm). The stock is ITC is making strong wave today. Check below to find the reason:

1. ITC Stock Hits 300 level for the first time in the last 3 years

The current market price of ITC is 298.95 apiece with a gain of 0.25% in trade today. The stock has touched the 300 mark for the first time since 2019. The stock has gained considerably in the last one month. It has gained nearly 11% in just 30 days while in 7 days it has given return of more than 3%. In the last three months only when stock market was quite volatile, the stock gained more than 15%. In the last 1 year the stock has gained 45%.

The stock has hit the high level of Rs 302 apiece in the day's range so far. The 52-week high of the stock is 302.20 apiece and 52-week low is 204.35. The PE of the stock is 24.19 and dividend yield is 3.85%.

2. Expert View On ITC

According to leading brokerage Motilal Oswal in 3 weeks back report, "The Hotels business bounced back towards the end of FY22 after the third Covid wave disrupted demand in Jan'22. The company's earnings CAGR at the PBT level stood at 5% over FY17-22. We expect ITC to post a 15% earnings CAGR over FY22-24. While valuations of global Tobacco peers have been restored to their pre-pandemic levels (Jan'19), ITC still trades at a 24% discount to its Jan'19 valuation of 25.4x one-year forward EPS. We value ITC at 21x FY24E EPS, implying a 65% premium to its global peer average. We believe the premium multiples are justified, given its strong visibility over the medium term and the defensive nature of its business, especially in a volatile macro environment."

3. ITC Dividend History

ITC has declared an equity dividend of 1150% or Rs 11.5 per share for the year ending March 2022. It has a good dividend history and regularly declared dividend in the last 5 years.

4. About ITC

ITC is investing in India's future by building world-class consumer goods factories and iconic hospitality assets that will contribute to the country's competitive capacity. These investment projects underpin the Company's support to the Government's "Make in India" vision. ITC is the only enterprise in the world of comparable dimensions to be carbon-positive, water-positive and solid waste recycling positive for over a decade now. ITC has created over 6 million sustainable livelihoods. Nearly 42% of the total energy consumed in ITC is from renewable sources. ITC's premium luxury hotels have the unique distinction of being LEED Platinum certified.