Shares of ITC rose by over 4% to cross ₹500 for the first time on Wednesday, July 24, maintaining gains from the previous session’s 5.5 percent increase.
The stock was upgraded to a “buy” by brokerage firm Jefferies on July 23, following Finance Minister Nirmala Sitharaman’s announcement in her budget address on July 23 that there will be no changes to tobacco taxation. For ITC, Jefferies has set a target price of ₹585, implying a possible upside of 15.5%.
During intraday trading, the stock rose as much as 3.7 percent, hitting a record high of ₹510.60. ITC has increased by 10.5 percent in the previous year and by 4.4 percent in the last month alone. Notably, the stock has increased by more than 19% so far in July and by around 28% since it reached its 52-week low of ₹399.30 on March 12, 2024.
As of 10:18 am, ITC shares were trading 2.18 % higher at Rs 502.95.
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