ITC Ltd., the diversified conglomerate, has been making headlines with its impressive share price performance. As of August 29, 2024, ITC’s share price stood at ₹495.90, up by 0.24% from the previous close. The stock has been on an upward trajectory, delivering a 3-year return of 131.46% compared to the Nifty 100’s return of 53.85%.
Main Points
ITC share price has been trading near its 52-week high of ₹510.60, which it touched on July 24, 2024. The stock has rallied 14.1% over the past month and was trading at its highest level since July 2023. Technical analysts are closely watching the stock’s performance, as it has the potential to break its previous record high.
Fundamental Analysis and Next Day Price Forecast
Fundamentally, ITC performance has been strong across its various business segments. The company’s FMCG and hotel segments reported revenue growth, while the cigarette business volumes grew steadily in the first quarter of the current fiscal year. Analysts remain positive on the stock, with target prices ranging from ₹530 to ₹585. Jefferies has maintained a “buy” rating on ITC with a target price of ₹585. The brokerage firm believes that the 3% growth in cigarette business volume met expectations and that stable taxation suggests continued momentum in the coming quarters.
Today Target Prediction and Important Levels
Based on the current market sentiment and analysts’ recommendations, ITC’s share price is expected to trade in the range of ₹490 to ₹505 today. The stock has strong support at ₹490 and resistance at ₹505. A breakout above ₹505 could lead to further gains, potentially pushing the stock towards its previous high of ₹510.60.
Buyback News and 52-Week High Low
ITC has not announced any buyback plans recently. However, the company’s strong financial performance and positive outlook have attracted investors, leading to a rise in its share price. The stock’s 52-week high of ₹510.60 was recorded on July 24, 2024, while the 52-week low was ₹399.35. The significant difference between the high and low highlights the stock’s volatility and the potential for gains.
Several factors have contributed to the recent movement in ITC’s share price:
- Strong financial performance: ITC’s revenue growth across its FMCG and hotel segments, along with steady cigarette business volumes, has boosted investor confidence.
- Positive analyst recommendations: Analysts remain bullish on the stock, with target prices suggesting further upside potential.
- Market sentiment: The overall positive sentiment in the market has also contributed to the rise in ITC’s share price.
