ITC Shares reached highest level of 52 weeks and gained 11 percent in the last 3 sessions check details achs

New Delhi. The shares of ITC Limited, a company related to many businesses like agriculture, FMCG, hotels and cigarette production, have registered a rise for the third consecutive trading session. The company’s shares closed at Rs 233.75 on Monday i.e. 20 September 2021 with a gain of 1.12 percent. During intraday trading, the share prices rose by 3.5 percent to 239.40, which is its highest level in the last 52 weeks. Let us inform that the shares of ITC had earlier touched a 52-week high of Rs 239.40 on 9 February 2021.

There is still scope for 5 per cent rise in ITC’s stock
ITC shares have gained 11 per cent in the last three days. During this period, the Bombay Stock Exchange’s Sensex Sensex has registered a rise of only 1.8 percent. Many technical analysts have given a buy rating to the shares of ITC and have expected it to go up to the level of Rs 250, which is 4.4 percent more than its current price. A global brokerage firm has said in a report released on Monday that recovery in ITC’s cigarette sales and earnings has started. With this, the company can present better results in the coming quarter. Also said that the price of the company’s shares is attractive at this level. There is still room for about 5 percent growth in this.

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There will be benefit by not levying additional tax or cess on tobacco
The brokerage firm said that in the meeting of the GST Council, no additional tax or cess was announced on cigarettes and tobacco. ITC will get the benefit of this. The brokerage firm has retained the outperform rating on ITC and raised the target price of the stock from Rs 275 to Rs 300. ITC’s cigarette sales were affected due to the second wave of the Corona epidemic in the first quarter of the current financial year. Compared to two years ago, it had registered a big decline of 21 percent. However, after the removal of economic restrictions, it is seeing a boom, due to which the company’s shares are continuously going up.