ITC stock hits 52-week high, up 34% in 2022

Shares of ITC hit a fresh 52 week high amid market rally today.  ITC stock touched an intraday high of Rs 294.45 against the previous close of Rs 291.80 on BSE.  ITC stock was trading higher than 5-day, 20-day, 50-day, 100-day and 200-day moving averages.  It closed 0.39 per cent higher at Rs 292.95 on BSE.

Shares of ITC have gained 45 per cent in a year and risen 34.4 per cent since the beginning of this year. In a month, the stock has gained 9.23 per cent.  

Total 4.35 lakh shares of the firm changed hand amounting to a turnover of Rs 14.19 crore on BSE. Market cap of the firm rose to Rs 3.61 lakh crore.  

The stock hit a 52-week high of Rs 294.45 on July 8, 2022 and a 52-week low of Rs 200.85 on July 9, 2021.  

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Centrum Broking has assigned a buy call on ITC stock with a target price of Rs 351. Time period for the call is one year.

On June 29, 2022, Motilal Oswal gave a target price of Rs 335, a 22 per cent upside to the ITC stock price at that time.

The brokerage attributed the likely upside for the stock to a stable tax environment for cigarettes in the recent years, which has allowed ITC to calibrate price increases to avoid a disruption in demand.

"We expect this trend to continue and this should result in improved cigarette volumes and earnings visibility over the medium term. The breadth of ITC's FMCG product portfolio gives it an advantage in a rapidly changing demand environment. Its leadership position in some categories gives it pricing power to offset incremental input cost pressures in other categories, where pricing power is not as strong," Motilal Oswal said.

In Q4 of the previous fiscal, the FMCG-cigarette-to-hotel major logged a year-on-year consolidated net profit of Rs 4,196 crore, up 11.7 per cent in the quarter ended March 31, 2022 against a net profit of Rs 3,755.47 crore in the year-ago period.

Sequentially, net profit rose 3.4 per cent from Rs 3,755.47 crore in December quarter (Q3FY22). Revenue from operations for the period came at Rs 17,754.02 crore, up 15 per cent in the March quarter. The company reported a revenue of Rs 15,404.37 crore in the corresponding period.

Its consolidated total income stood at Rs 18,252.64 crore as against Rs 10944.64 crore in the year-ago quarter. Total expenses were higher at Rs 12632.29 crore in Q4 as compared with Rs 9,765.56 crore in the corresponding period last fiscal.

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