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The glorious days of ITC have returned once again in the stock market and its performance is continuously improving. The company achieved a new milestone in Thursday’s trading. The market capitalization of the company has now crossed Rs 6 lakh crore. In this way, ITC has become the seventh listed company in India to achieve this unique feat.
Share reached this level
After the end of Thursday’s trading, ITC shares closed at Rs 491.50, up 2.64 per cent. After this the market capitalization of the company increased to Rs 6.13 lakh crore. At one point of time it even went as high as Rs 493.70 during the trade, which is now a new 52-week high for ITC.
This is how the rally came
Recent times have been great for ITC stock. After a long time there has been a rally in this stock. Due to this, ITC, which has become famous as a meme stock, has come in the count of multibagger shares. Its price has gone up by about 4 percent in the last 5 days. At the same time, there has been an increase of 10 percent in the last one month and more than 45 percent in 6 months. So far this year, its price has gone up by 48 per cent, whereas in the last one year it has recorded a growth of more than 64 per cent.
Brokerage firm has such expectations
The stock, which has been showing a spectacular rally for the last one year, has still not lost its steam. Brokerage firms are still calling ITC’s stock a deal worth buying. Brokerage firm MK Financial has maintained Buy rating on ITC. This brokerage firm has given a target of Rs 525 on ITC stock.
Global brokerage firm Jefferies also has confidence in ITC stock. Jefferies believes that ITC stock can climb up to Rs 520. According to the global brokerage firm, there is a lot of growth potential in ITC’s cigarette business as well as in FMCG, hotel and IT business.
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