ITC overtakes HDFC to become seventh largest firm by Mcap, stock hits all-time high

At a time when ITC shares were trading at their 52-week high 407.60 on BSE, its market capitalization increased 5,06,566.00 crores. On the other hand, HDFC shares were trading up by 0.16 per cent. 2746.45 per share. The market capitalization of the company stands 5,03,851.79 crores.

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The steady rise in ITC shares has helped the company enter the 5 trillion market cap club. The stock had also hit a new all-time high a day earlier. 402.65 on NSE, only to break its record and trade 405.50 on Friday.

Read also: ITC stock has gained 21% so far in 2023, outperforming peers. What makes this FMCG player attractive?

The company’s shares were trading at their all-time low 249.20 on May 12, 2022.

So far, the FMCG giant has made some significant gains in the market in 2023. The stock has witnessed a larger number of buying than selling in less than four months. The stock has been hitting record 52-week highs in the last three days. The stock moment gives a positive outlook for the company for the coming year. ITC’s cigarette and FMCG business is expected to deliver record double-digit earnings growth in FY24. All these factors make ITC an attractive investment destination for investors as there is a possibility that the stock rally may continue for a long time.

Read also: GQG Partners raises stake in ITC in Q4, shares hit 52-week high

In 2023, till date, ITC shares have gained about 21.97 per cent. The stock has improved by more than 55.86 per cent in one year in the stock market.

itc share price outlook

Market experts are maintaining a bullish stance on ITC due to its better performance as compared to its peers like Dabur India and Emami.

Experts believe that the company is going to do well in the cigarette and FMCG sector in the coming times. He expects the two sectors to see double-digit growth in FY24.

“The shares of ITC recently touched a 52-week high, indicating a positive outlook for the company. The legal cigarette industry is gaining market share from illegal sales due to the rationalized tax policy, which is in favor of ITC’s cigarettes. Good for business. Both cigarette and FMCG segments are expected to see double-digit earnings growth in FY24, driven by healthy margin recovery in the FMCG business. ITC’s valuation remains attractive compared to other consumer staples firms Even at the current all-time high, it remains a strong option for investors,” said Sonam Srivastava – Founder, Wright Research.