ITC shares hit fresh 52-week high after strong Q2 performance across segments; brokerages revise price targets
Shares of ITC on Friday: Brokerages have increased the target price on ITC after good Q2 show
Shares of ITC on Friday, October 21, hit a fresh 52-week high of Rs 353.20 on account of strong second quarter performance across segments. At 10:10 AM, ITC stock price traded at Rs 350 on NSE, gaining half a percent. The stock of tobacco-to-hotels major has rallied over 55 per cent in 2022 so far and is one of the best Nifty performers this year.
ITC reported a 24.08 per cent increase in consolidated net profit at Rs 4,670.32 crore in the July-September quarter, led by a strong performance across segments including cigarettes and agriculture business. The company had posted a net profit of Rs 3,763.73 crore during the same quarter last fiscal.
The Kolkata headquartered company's revenue from operations rose 25.35 per cent to Rs 18,608 crore in the second quarter of the current fiscal compared to Rs 14,844.38 crore in the year-ago period. ITC's total expenses were at Rs 12,823.87 crore, up 25 per cent in Q2/FY 2022-23, as against Rs 10,258.26 crore in the corresponding quarter.
"Strong performance continues across segments," said the multi-conglomerate in its earnings statement.
Brokerages have increased the target price on ITC after good Q2 show
ITC (CMP: 350)
Brokerages
New Rating
Old Rating
New Target
Old Target
CLSA
Outperform
375
355
Goldman Sachs
Buy
410
390
Jefferies
Buy
415
360
JP Morgan
Overweight
380
350
Morgan Stanley
Overweight
374
330
ITC Stock Price At Rs 500?
According to Zee Business panellist Jay Thakkar, the stock is fundamentally strong and fresh breakout is above Rs 360-370. ITC stock price, according to him, would be Rs 535 once it tops Rs 360-370.
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