ITC advanced on Friday following good buying support ahead of its results. However, it could not sustain the upward ride on the BSE and the stock at close fell 2.33 per cent to Rs 677.40.
In the early afternoon trades, the scrip was up 1.01 per cent at Rs 701.15, but off its early high of Rs 706. Total volume of 4.08 lakh shares was recorded on the counter. The scrip has risen by 16.5 per cent to the current level from Rs 602 on March 25, 2003.
The strong support for the scrip is on hopes of an impressive earnings growth and a good dividend pay-out.
ITC has diversified into lifestyle and food ventures. There were rumours that the company is planning to open up lifestyle franchises abroad. ITC has also forayed into other businesses like atta (flour), biscuits and confectionery.