ITC Overtake Infosys
One of India’s largest Fast-Moving Consumer Goods (FMCG) conglomerates, ITC, has eclipsed renowned IT firm Infosys to rank as the sixth most valued company on the local stock exchanges.
When ITC’s market capitalization increased to Rs 5.11 lakh crore on Monday, it was able to surpass Infosys and HDFC Ltd., which it had already done on Friday. ITC is the greatest performer in the Nifty50 benchmark and may be credited for its performance with its impressive share price growth, which climbed by 59% over the last year and 24% so far in 2023.
On the other hand, Infosys shares have fallen by 20% in 2023, resulting in a loss of Rs 1.80 lakh crore for investors, following its March quarter earnings, which fell short of street estimates.
ITC’s Growth Potential Sets It On Course To Overtake Hindustan Unilever
ITC will need to outperform its competitor FMCG company, which presently has a market valuation of Rs 5.88 lakh crore, in order to surpass Hindustan Unilever (HUL) and move up to the fifth most valuable company in the nation. The majority of experts are upbeat about ITC’s future despite this and think that its diverse businesses will outperform its rivals.
Additionally, the stock has received buy recommendations from 95% of analysts who follow ITC shares on Bloomberg. With a target price of Rs 430, brokerage company CLSA has kept its Outperform rating on ITC, citing the increase in growth visibility for cigarettes made possible by tax structure stability. Long-term fundamentals are still good, and the stock is still strong. A hefty dividend yield also helps the stock, according to CLSA.
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