ITC stock surges 9% amid block deal; BAT likely seller
British American Tobacco (BAT), ITC's largest shareholder, was reportedly looking to sell 43.7 crore shares, or 3.5% stake, in the company via a block deal, which would fetch ₹17,491 crore.
British American Tobacco (BAT), ITC's largest shareholder, was reportedly looking to sell 43.7 crore shares, or 3.5% stake, in the company via a block deal, which would fetch ₹17,491 crore.
Hotels business was a stand-out contributor, followed by FMCG, while paperboard and agri remained under severe pressure.
Post analysts meet, Prabhudas Lilladher has maintained ‘Accumulate’ rating on ITC shares, while Emkay Global Financial and Jefferies have retained ‘Buy’ ratings.
The FMCG major has joined the league of biggies such as RIL, TCS, HDFC Bank, ICICI Bank, HUL, and Infosys to become the seventh-most valued firm on BSE.
The FMCG heavyweight hit a new record high of ₹401.95 during the session, breaching the previous high of ₹398.2 touched in intraday trade on April 11.
The cigarette-to-hotel conglomerate will buy Yoga Bar parent in one or more tranches over a time period of about three to four years.
ITC share price has risen 62% in the calendar year 2022, compared to 1.4% rise in the BSE benchmark Sensex.
Profit led by FMCG segment and cigarette business; ITC says geopolitical tensions and supply chain issues hardened commodity prices, creating “unprecedented” inflationary conditions
ITC share gained 3.15% to hit over a 3-year high of ₹293.30 in intraday trade on Monday amid earnings optimism.
Cheering Q4 results, ITC shares rallied nearly 5% as most analysts remain bullish on the stock with a potential upside of up to 16% from the current market price.