ITC finally starts rallying, but Twitter can't stop trolling it
- Shares of consumer product company
ITCsurprises investors by rallying 7.5% on Thursday.
- ITC gained just 8% in 2021 so far, massively underperforming peers and even the benchmark index Nifty 50, which surged 25% during the period.
- Investors shared their excitement on Twitter with humorous tweets as the stock is typically known for its narrow range stock movement.
ITC gained just 8% in 2021, so far, massively underperforming peers and even the benchmark index Nifty 50, which surged 25% during the period.
The stock is trading at ₹230.75, higher by 6.8% as of 11:52 a.m., on Thursday.
AdvertisementAnalysts believe the rise in stock can be on expected lines as the stock has not performed since a long time. Meanwhile, there is no new fundamental development happening in the company that could have triggered the stock.
The rally in the stock could also be specific to the cigarette industry as most of the tobacco manufacturers were trading 5-9% higher including Godfrey Phillips, VST Industries, NTC Industries, Golden Tobacco and Raghunath Tobacco.
“This rally can be attributed to the stock specific trade strategy of the market investors who are putting money in the quality stocks available at discounted price. But the stock hasn't been able to sustain at highs. It has remained range-bound between ₹200 to ₹240 for the last 10 months. Fresh buyers should wait and see whether the stock manages to break its jinx and sustains at new highs," said Avinash Gorakshkar, Head of Research at Profitmart Securities, according to Mint.
Meanwhile, investors are busy sharing their happiness over share gains on Twitter in humorous ways.
Last week, global research firm CLSA had reportedly maintained a "buy" rating on the stock with a target price of ₹265 per share. The brokerage firm is of the view that the fast moving consumer goods (FMCG) business is firmly on the path for a profitable scale-up.
SEE ALSO: Last day to bid for auto components maker Sansera Engineering IPO; grey market indicates ₹10 premium
Airtel, Vodafone Idea and Jio welcome telecom relief package, but analysts are divided on whether it is enough
TCS valued at almost $200 billion, closer to US-listed peer Accenture with $216 billion
Popular on BI
- India’s techies are leaving IT firms in hordes — Here’s why
- Elon Musk’s puppy, a new strategy to burn tokens, and altcoins playing catch up — the perfect storm for cryptocurrency Shiba Inu to skyrocket
- A renowned female crime novelist who won a million-euro prize in Spain turned out to be three middle-aged men
- Your phone may replace your metro card soon — DMRC is planning to introduce NFC payments at entry gates
- Crypto hackers now target iPhone users via dating apps like Bumble, Tinder
- HP Envy 14 review: A solid no-frills laptop for productivity and occasional gaming
- How to edit PDF online using your browser
- Consumer demand for bigger homes in Mumbai is rising — is a price hike on the cards?