Memes Take Over Twitter As ITC's Shares Hit All Time High Today After Crossing Rs 400 Mark
After crossing the Rs 400 mark for the first time yesterday, ITC shares further extended their bull run and hit a new all-time high of Rs 402 today.
After crossing the Rs 400 mark for the first time yesterday, ITC shares further extended their bull run and hit a new all-time high of Rs 402 today.
India's Favorite Meme Stock ITC
shutterstock
India¡¯s favourite meme stock ITC rose both today and yesterday despite the Sensex and Nifty dropping a bit amid Infosys and some other IT giants' stocks bleeding yesterday. ITC's share price is up more than 5% in the last one month, over 20% this year to date, and over 47% in the last one year. At the time of writing this report, ITC shares were trading around the Rs 399 mark.
Foreign investors too have increased their stake in ITC for the third straight quarter. In the March 2023 quarter, their holding in ITC increased to 12.87 percent from 12.51 percent at the end of the December 2022 quarter. They held a 12.25 percent stake in the September 2022 quarter, the shareholding pattern data shows, as per the Business Standard report.
Now, ITC¡¯s market capitalisation is inching towards the Rs 5 trillion mark after a sharp upward movement in the stock in recent years.The company¡¯s market cap stood at Rs 4.97 trillion on the NSE. The stock of fast-moving consumer goods (FMCG) and cigarette makers has reportedly zoomed 101% from a level of Rs 199.95 on May 5, 2021.
However, the performance of ITC stock over the past decades is what has triggered funny memes on social media and made it a meme stock. The patience of ITC stock holders has been tested, with the stock prices not showing much movement often during long periods, especially as per the expectations one is bound to have from such a massive company. That is why any significant movement in the stock, especially an upward one, triggers a flurry of memes on social media.
For the unversed, a meme stock refers to the shares of a company that have gained popularity due to heightened social sentiment.
Hilarious Memes Take Over Twitter
As expected, how could investors keep calm when India's favourite meme stock climbed to a new all-time high? Here are some of the hilarious memes shared by Twitter users.
ITC at Rs. 400 per share!#ITC pic.twitter.com/p5YGJkv51X
¡ª Gaurav Sharma (@TheWealthVed) April 18, 2023
As ITC crosses 400¡.
¡ª Shaina Gulati (@shainagbedi) April 17, 2023
Investors to ITC ???#memes #ITC pic.twitter.com/q1nv1MkkmD
ITC investors today after stock crossed 400! ? pic.twitter.com/0eqcibWaP2
¡ª Finance Memes (@Qid_Memez) April 17, 2023
#ITC crossing the 400 mark ?? pic.twitter.com/TYdjslQUKq
¡ª Stocktwits India ?? (@StocktwitsIndia) April 17, 2023
ITC 400 ? pic.twitter.com/lsn9gprpcH
¡ª babu bisleri (@baabuOP) April 17, 2023
ITC nearing 400¡ Investors be like :) pic.twitter.com/TmmGMwN9sL
¡ª Gurmeet Chadha (@connectgurmeet) April 17, 2023
For more such interesting content and the latest financial news, keep reading Worth. Click here.
