Smoke screen lifts over ITC stock. Is it now on verge of re-rating?
Synopsis
In recent times, the ITC stock has witnessed a significant rally, outperforming the benchmark Nifty 50 and the Nifty FMCG index. From January 1, 2022, to June 30, 2022, the stock has yielded a double-digit return of 25.4%, while the benchmarks BSE Sensex and Nifty 50 have generated negative returns of 9% each. The stock has also outperformed the sectoral index, the Nifty FMCG, which yielded a flat return during the period.
After being ridiculed on social media for long, the stock of ITC has once again started to perform, and that too in bearish markets. Is this recent performance outburst a result of an anti-ESG trade, which is taking place in certain pockets, or is any company-specific development bringing investors back to the counter? In recent times, the ITC stock has witnessed a significant rally, outperforming the benchmark Nifty 50 and the Nifty FMCG index.
BY
Gaurav Jain & Parimal Ade
ET CONTRIBUTORS
15 mins read, Last Updated:
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