ITC’s profit has increased by 33 percent as compared to last year and has reached close to Rs 45 hundred crore. At the same time, the income has increased by 39 percent compared to last year.
ITC at year’s new high
Weakness is being seen in the stock market during early trading. Nifty has fallen below the level of 17250 with a fall of more than 100 points in the first hour. On the other hand, the Sensex has also seen a fall of more than 300 points. However, stock specific buying remains amidst pressure and stocks of strong performing companies are registering gains even in the midst of today’s fall. one such stock ITC is of. The stock has made a new high of the year at the beginning of today’s trading. After the better results, brokerage houses are positive about the stock and it is expected that it will see further gains.
Where did ITC stock reach?
In today’s trade, ITC has made a day’s high of 316.65, which is also the year’s highest level of the stock. The stock touched a low of 204.5 this year. This increase in the stock has been seen after better results than expected. According to the results released on August 1, the company’s profit on a consolidated basis has increased by 33 percent to Rs 4462 crore as compared to the previous year. These results of the company have been better than the market expectations. In a survey by Moneycontrol, the profit was estimated to be Rs 4050 crore. With this, the company’s income has increased by 39 percent to the level of Rs 19831 crore. After these figures, buying is being seen in the stock.
There is further growth forecast
After the results, rerating of the stock is possible from the brokerage house. For the time being Morgan Stanley, CLSA, Motilal Oswal, and Shekhar Khan remain positive on the stock and have investment advice in the stock, the brokerage house has given a target of 330 to 350 in the stock at present. If this growth continues in the stock, then the stock can achieve this target soon.
(The investment advice given here is based on the investment advice of the brokerage house, please check the advice at your own level while taking any investment decision)