ITC hits over 2-year high on strong earnings hope; up 25% thus far in 2022

Analysts expect ITC to report a relatively stronger quarter, with the improvement in cigarettes and other divisions and lesser margin pressure compared to FMCG peers.

Shares of ITC hit an over two-year high of Rs 273.10, up nearly 2 per cent on the BSE on Monday in an otherwise weak market. The stock has rallied 6 per cent in the past two sessions on expectation of strong earnings due to improved cigarette volumes.

The share price of the cigarettes to fast moving consumer goods (FMCG) major was trading at its highest level since July 2019. In comparison, at 01:11 pm, the S&P BSE Sensex was down 0.42 per cent at 59,196 points.

Thus far in calendar year 2022, ITC has outperformed the market by