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ITC becomes 7th company in India to surpass Rs 6 lakh crore market valuation

Jul 20, 2023

By: BlinkX Research Team

ITC Ltd.'s shares have increased by almost 48 percent so far this year, making it the seventh Indian listed business to surpass the Rs 6 lakh crore market valuation threshold for the first time.

The stock increased by as much as 2% during the day, reaching a record high of Rs 489 a share. The stock was up 1.8 percent from its previous close as of 12:21 p.m. on the BSE, where it was trading at Rs 487.

This milestone has previously been attained by Reliance Industries, Tata Consultancy Services, HDFC Bank, ICICI Bank, Hindustan Unilever, and Infosys.

Investors were drawn to ITC because of its strong performance across all of its industry sectors, including FMCG, paper, hotels, and tobacco. Due to its steady cash flow and continuous dividend distributions, investors see ITC as a conservative option in their investment portfolios.

From a basic standpoint, the company's solid operational performance, highlighted by double-digit growth in cigarette sales and a healthy recovery from its hotels sector, has increased its allure. These benefits make ITC a tempting option for investors seeking solid and consistent returns, especially in tumultuous economic times.

Source: Media reports