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ITC shares hit 52 week high, cross Rs 240 mark; here's what's driving the stock

ITC shares hit 52-week high, cross Rs 240 mark; here's what's driving the stock

ITC shares hit 52-week high, cross Rs 240 mark; here's what's driving the stock
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By CNBCTV18.com Sept 21, 2021 5:18:34 PM IST (Updated)

ITC shares scaled a new peak on Tuesday. The stock has been undervalued for long and now trades at attractive valuations, say experts.

ITC shares jumped more than three percent to a 52-week high on Tuesday. On BSE, the ITC stock rose to Rs 242.35 in afternoon deals. ITC shares have been attracting strong investor interest lately, having gained 15 percent in the last one month. In the last four days alone, the stock has risen more than 12 percent.

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Meanwhile, the Nifty FMCG index was up almost a percent in afternoon trade. Analysts believe the recovery in the FMCG sector and a rise in cigarette prices as the key triggers for the stock.
ITC, which has been undervalued for a long time, currently trades at attractive valuations, according to experts.
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Meanwhile, global brokerage Jefferies has maintained a 'buy' call on the stock, raising its target price to Rs 300 from Rs 275.
“With the GST Council making no rate change in any of the cess sectors, including tobacco, the FMCG major is set to see a recovery in cigarette volumes and earnings in the coming quarters,” Jefferies said.
The brokerage believes the company is trading at attractive valuations with the stock offering a five percent yield.
On Tuesday, ITC shares ended 3.34 percent higher at Rs 241.40 apiece on BSE.
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