ITC Hits 52-week High On FI Buying, Closes 3.5 % Up

Mumbai, June 26 | Updated: Jun 27 2003, 05:30am hrs
The recent rally in the stock of ITC continued on the bourses on Thursday on aggressive buying by institutional investors on the counter. The stock of ITC also hit its 52-week high of Rs 775.

On The Stock Exchange, Mumbai (BSE), the stock of ITC closed at Rs 769.20, 3.5 per cent higher than its previous close of Rs 742.80. A total number of 3,84,841 shares of ITC were traded on Thursday.

Dealers said the ITC stock has witnessed vertical movement in the last few sessions on buying support from the broad market, including FIIs, considering its attractive valuation as well as bright future prospects.

Recent reports that the Maha-rashtra government is planning measures involving jail sentences of six months to three years for people in possession of or consuming gutkha and paan masala also helped the stock, dealers informed. As per analysts, ITC has excellent growth prospects as foreign cigarette makers are also looking at India as a major market for expansion, of late. Analysts remain further optimistic as ITC has recently diversified into lifestyle and food ventures. The company has also forayed into other businesses like atta (flour), biscuits and confectionery. Recently, the company merged ITC Bhadrachalam Paperboards with itself.