ITC up on institutional support

DALAL STREET SPIKES

ITC managed to buck the trend and end positive in a weak market on the back of strong institutional support. The stock, after touching the day's high of Rs 1,104, closed at Rs 1089.90, up Rs 18 from its previous close. The counter witnessed volumes of 75,692 shares at the BSE.

Sources said the counter is witnessing sustained buying as most investors have reshuffled their portfolios. One of the leading foreign institutional investor is believed to be a buyer at this counter for the past few days.

In the nine months ended December 2003, ITC registered a 15 per cent growth in net profit to Rs 1,205 crore on a topline growth of 6 per cent to Rs 4,588.50 crore.