ITC is no longer the laughing or ignored stock as it it back in the top 10 elite stock club. Once the butt of all jokes on Twitter and Whatsapp, the Cigarette-to-Hotels stock has re entered glory in the Indian Stock Exchanges.
THE COMEBACK JOURNEY:
Going by the Market analysts of all listed companies of BSE (Bombay Stock Exchange), the once ‘meme’ stock ITC is now on the India’s 10 th largest company, surpassing giants and favourites like Bharti Airtel, Bajaj Finance, Kotak Mahindra Bank and Asian Paints. At a market CAP of Rs. 3,63,907 crores on closing price, ITC beat Airtel to notch the 10 th spot in the BSE list. ITC also hit a 52-week high of Rs. 296.95 and now within kissing distance to
hit the Rs. 300 mark.
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ITC ORIGIN:
The Kolkata-based conglomerate is diversified into number of sectors like hotels, non-cigarette FMCG items, paper, stationery, agriculture and even IT. Up to 35 percent so far this year, ITC is now now among the best-performing Nifty stocks. The Company was incorporated on August 24, 1910 under the name Imperial Tobacco
Company of India Limited. As the company’s ownership progressively Indianised, the name of the Company was changed to India Tobacco Company Limited in 1970 and then to I.T.C. Limited in 1974.
Globally now there is a trend in favour of value stocks. ITC, a classic value stock, has been underperforming due to ESG concerns, particularly since tobacco contributes to the bulk of ITC’s bottom line. ITC has set its goal on being in the top 5 in the coming year.