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ITC stock hits fresh 52-week high on Q1 earnings, surpasses HUL in market capitalisation

Q1 earnings of the firm took the stock to fresh 52-week high level of 307 level in trade today. ITC on Thursday reported a 10% rise in standalone net profit at Rs 2,818.68 crore for the first quarter ended June 30, 2018, aided by lower expenses, good growth in agri-business and other FMCG business despite decline in cigarettes sales.

twitter-logo BusinessToday.In        Last Updated: July 27, 2018  | 18:08 IST
ITC stock hits fresh 52-week high on Q1 earnings, surpasses HUL in market capitalisation

ITC on Friday surpassed FMCG major Hindustan Unilever in market capitalisation in morning trade, to become the fourth-largest company on BSE. The ITC stock rose up to 6.92 per cent to touch a high of Rs 307 on the BSE. Following the spike in the counter, the market capitalisation of the company stood at Rs 3,69,564.63 crore.

Q1 earnings of the firm took the stock to fresh 52-week high level of 307 level in trade today. ITC on Thursday reported a 10% rise in standalone net profit at Rs 2,818.68 crore for the first quarter ended June 30, 2018, aided by lower expenses, good growth in agri-business and other FMCG business despite decline in cigarettes sales.

The ITC stock closed 5.24% or 15 points higher at 302.20.  Its m-cap stood at Rs 3,69,259.15 crore.

Meanwhile, shares of HUL closed in the negative and slumped 0.64% to a low of Rs 1657.55. The market cap of the company stood at Rs 3,58,798.88 crore.

Following the uptick in the counter, ITC became the fourth largest company on BSE.

The top ten firms were led by TCS, followed by RIL, HDFC Bank, ITC, HUL, HDFC, Infosys, Maruti, Kotak, Mahindra Bank and SBI.

The stock of ITC is on rise for the seventh consecutive session and has surged 14.42 per cent since July 18.

The stock opened with a gain of 4.48% in trade today.

It has risen 14.86% since the beginning of this year and 4.69% during the last one year.

29 of 35 brokerages rate the stock "buy" or 'outperform', five "hold" and 1 "underperform", according to Reuters.

According to market experts, the uptick in the ITC counter was largely owing to the strong first quarter results. Besides, the bullish trend in the broader market helped investor sentiment.

Written and edited by Aseem Thapliyal

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