Buy ITC, target price Rs 313: Axis Securities

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ITC Share Price Increase: Thanks to its outstanding performance in 2022, ITC has experienced great growth, increasing by 32% this year and by more than 10% during the past six days.

Shares of the major fast-moving consumer goods (FMCG) company ITC are gradually increasing in value. The stock has increased 10% over the past six days and has experienced strong growth in 2022. Speaking of yesterday’s transactions, ITC’s share price has reached Rs 293, its highest level since 2019.

How is the ITC market doing?

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ITC stock rose 2% yesterday on the BSE Sensex and reached a three-year high of Rs 293 per share. The ITC stock has fared so admirably in 2022 after a slowdown of the previous few years that it has demonstrated an incredible rise of 32% this year while the benchmark index Sensex has seen a fall of 11% thus far this year. Is.

Why is the stock rising?

The increase in ITC stocks has a lot of causes. One of the reasons for this is the company’s strong results during the January-March quarter, during which time its net profit increased 11% to Rs 4,195 crore. While its net profit during the January through March quarter of last year was Rs. 3755 crore. From Rs 15,404 crore in the same quarter last year to Rs 17,754 crore in the current quarter, the company’s sales increased by 15%.

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Motilal Oswal’s belief in the stock has grown.

Most recently, in June, Motilal Oswal increased its confidence in ITC, upgrading its rating and designating it as a “Buy on Demand” stock. In his comment on ITC shares, Motilal Oswal stated that the FMCG sector, which was less hit during the Kovid period, is currently expanding faster and that the company’s hotel industry is also strengthening following the Corona epidemic. Due to better capital allocation and healthy prospective margins in the tobacco industry, ITC shares are currently trading favorably as a result.

Learn about ITC

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ITC, a firm founded in Kolkata, is active in a variety of industries, including FMCG, the hotel industry, packaging, paperboards, specialty papers, and agribusiness.

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