ITC shares climbed to nearly 3-year highs, riding on strong quarterly figures led by strong growth in cigarette volumes. ITC share price today opened higher and reached a new 52-week high 282.35 each level on NSE. According to stock market experts, there is a bullish trend in the shares of ITC and it can go up almost. 320 levels in the short term.
Highlighting the reasons for the rally in ITC shares, Mudit Goyal, Senior Research Analyst, SMC Global Securities said, “ITC share price It is trending bullish and may continue to rise further in the near term in the coming sessions. It has given breakout recently 255 levels depending on the ending. Hence, those who have this stock in their portfolio are advised to hold the stock for a short term target 320 while new buyers can also enter at the current levels.”
On fundamentals that could fuel ITC share price rally in the long term, the ICICI Securities report says, “ITC delivered a solid performance with strong growth in cigarette volumes (around 9 per cent), pushing pre-Covid levels.” Crossed over and now looks to grow.Consistent 12 per cent growth in FMCG business despite higher base with gradual improvement in margins, shift in hotel business and both agriculture (growth of 29 per cent) and paperboard (growth of 32 per cent) Expected growth in businesses. Higher base.”
For the past four sessions, ITC shares have been rallying. ITC shares have jumped closely in the last four days from 254 281, registering a growth of over 10 per cent in this period. The stock has been on an upward trend since February 24, 2022 and has given more than 25 per cent returns to its shareholders in 2022.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.