ITC Share Price Near Highest In 3 Years | ITC registered a net profit of 10.2 per cent in the cigarette business, compared to 9-11 per cent in one survey.
The stock market plunged sharply on Thursday due to weakness in global markets, continued withdrawal of foreign investors and rising crude oil prices. The Sensex lost 1154.6 points in early trade. The situation is that with the exception of Giant FMCC ITC, all the shares of Sensex have been marked in red. The day before, ITC presented its fourth quarter results. It is learned that the cigarette business has shown good revenue. The market has welcomed the results of the company.
ITC registered a net profit of 10.2 per cent in the cigarette business, compared to 9-11 per cent in one survey. Investors are fascinated by the company’s excellent results and bet on it. As a result, ITC shares traded 2.65 per cent higher at 263.75 on the BSE on Thursday. At this point, the 52-week high has reached Rs 269.15. Not only that, ITC’s stock reached a 3-year high of Rs 269 on the NSE on Thursday.
ITC’s stock has been rising for the last three days. During this period, it has increased by about 7.92 percent. ITC shares touched a high of Rs 263.40 in intra-day trading on the NSE. Despite the limitations caused by the third wave of the Corona epidemic, the ITC has seen a huge improvement in the cigarette business. This business has gone beyond pre-epidemic levels. The agency said that despite the effects of the third wave of the epidemic, it has led to strong growth in all sectors. ITC has also seen a smart recovery in the hotel business. However, the business did not reach the pre-epidemic stage. The ITC said that the hotel business is improving due to holidays, weddings, business trips, etc. There is also improvement in the paperboard, paper and packaging segments.
Recently the stock market has seen a huge decline. Most of the shares have gone down but some stocks like ITC are giving profit to the customers. The reason for the decline in the Indian stock market is attributed to the decline in forex reserves. In the last six months, the Indian stock market has also seen a sharp decline in foreign investment. The impact of investors withdrawing their investments has been felt throughout the market.