ITC hits 52-week high as Jefferies raises target; stock up 12% in 3 days

Analysts believe ITC's cigarettes business will fully recover with the aggressive vaccination drive and reduction in Covid-19 cases

Expectations of improved outlook drove the shares of ITC to a fresh 52-week high of Rs 239.40, up 4 per cent on the BSE in the intra-day trade on Monday, surpassing its previous high of Rs 239.15, touched on February 9, 2021. In the past three trading days, the stock of the cigarette and fast moving consumer goods (FMCG) major has rallied 12 per cent, as compared to a 0.59 per cent rise in the S&P BSE Sensex.

ITC has 78 per cent market share in cigarette market and has presence in staples, biscuits, noodles, snacks, chocolate, dairy and