ITC shares: ITC share Price NSE BSE India
On March 12, 2024, the share price of ITC Ltd. on the Bombay Stock Exchange (BSE) stands at ₹404.45, reflecting a decrease of 1.21% for the day. The opening price was ₹406.50, while the previous close was ₹409.40. The stock’s 52-week high is ₹499.70, and its low is ₹367.39. With a market capitalization of ₹5,109,914,000,000, and a dividend yield of 3.18%, these details provide an overview of ITC Ltd.’s current position in the market.
Highlights
ITC Limited shares saw a consecutive second-day decline, dropping by 2.5%. With this decrease, the company’s shares are now trading nearly 20% below their peak of ₹499.7. ITC had last touched this level on July 24th last year.
Why ITC shares plummeted
Today, on March 12th, ITC Limited’s shares saw a consecutive decline for the second day, with prices dropping by 2.5% to fall below ₹400. With this decrease, the company’s shares are now trading nearly 20% lower than their peak of ₹499.7, reached on July 24th last year. According to Sources that British American Tobacco (BAT), ITC’s largest shareholder, is preparing to sell its stake in the company this week.
Currently, BAT holds a 29% stake in ITC according to the shareholding pattern until December quarter. In February, BAT indicated that its stake in ITC is significant and it might consider raising some funds and deploying them elsewhere. BAT stated, “We are in the process of fulfilling necessary regulatory requirements to sell some of our stake, and will update about it as soon as possible.
Deven Choksey predicts that selling stakes to financial investors could increase ITC’s value and market worth.
Goldman Sachs, a brokerage firm, stated in a report on February 29 that recent declines in the shares of ITC were mainly due to expectations of lower short-term earnings and news of divestment by BAT. They suggested that while cigarette sales could improve during the March quarter, there might be a decline in near-term paper earnings. The brokerage firm predicted a potential recovery in earnings by the September quarter of the fiscal year 2025.
Around 1 pm, ITC shares were down 1.8% at Rs 401.95 on the NSE. The stock is now trading below its key moving averages and has dropped 14% this year.
About ITC Ltd
ITC is one of India’s top private companies with a wide range of businesses like consumer goods, hotels, packaging, farming, and tech. It’s highly valued, making around ₹69,481 crores in sales and ₹18,753.31 crores in profit as of March 31, 2023. A survey by Fortune India and Hay Group ranked ITC as the most admired company in India.
ITC’s growth comes from various sources. It’s a leading seller of consumer goods in India, dominates the paper and packaging industry, helps farmers worldwide, and offers luxury hotels with a focus on responsibility. Its digital arm, ITC Infotech, provides specialized tech solutions globally.
In the past decade, ITC has introduced over 25 successful Indian brands, like Aashirvaad, Sunfeast, and Bingo! gaining popularity and leading in many segments.
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