Shares of ITC hit a record high on Tuesday amid high volatility in the broader market. ITC stock gained 1.19% intraday to a fresh high of Rs 516 on BSE. Total 2.08 lakh shares of the FMCG firm changed hands amounting to a turnover of Rs 10.66 crore. Market cap of the firm climbed to Rs 6.39 lakh crore. The stock fell to its 52-week low of Rs 399.30 on March 12, 2024.
Deven Choksey Research has an accumulate rating on the stock with a price target of Rs 545.
"ITC's strong performance across sectors includes effective management in cigarettes, FMCG growth via new channels, and robust hotel expansion. Challenges in paper and packaging and rising agri costs were mitigated by strategic initiatives. The company expects increased consumption with improved economic conditions," the brokerage said.
Motilal Oswal has a price target of Rs 575 with a buy call.
"Capital efficiency will further improve operating cash flow, leading to a healthy, sustainable dividend yield (3-4%). With a stable tax on cigarettes, we anticipate sustainable growth in the business. We value the cigarette business at 20 times Jun’26 EV/EBITDA (earlier 17x EV/EBITDA). We reiterate our BUY rating with an SOTP-based target price of Rs 575 (implied 30x Jun’26E EPS), " said Motilal Oswal.
ITC stock has a one-year beta of 0.6, indicating low volatility during the period. In terms of technicals, the relative strength index (RSI) of ITC stock stands at 64.8, signaling it's trading neither in the oversold nor in the overbought zone. ITC shares are trading higher than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day and 200 day moving averages.