Netizens Cant Keep Calm As India's Favorite Meme Stock ITC Hits Over 2-Year High Mark
Despite a market downfall on both Nifty and Sensex yesterday, the shares of FMCG major ITC hit an over two-year high of ? 273.10 on the BSE. The spike and hitting of the one year and two year high marks has triggered a flurry of social media reactions for this ¡®meme favorite¡¯ stock.
Despite a market downfall on both Nifty and Sensex yesterday, the shares of FMCG major ITC hit an over two-year high of ? 273.10 on the BSE.
Last week also, the ITC stock had rallied to touch its one-year high mark of ? 266.20 on BSE. The back to back soaring of ITC stock is believed to be on expectations of strong earnings due to improved cigarette volumes.
Yesterday, the share price of ITC was reportedly trading at its highest level since July 2019.
In the current calendar year of 2022, ITC stock has outperformed the market by surging 25% vis-a-vis the 1.6% rise in the S&P BSE Sensex. ITC stock had hit a record high of ? 353 on July 3, 2017.
Social Media Reactions
The spike and hitting of the one year and two year high marks has triggered a flurry of social media reactions for this ¡®meme favourite¡¯ stock.
New one for #ITC ?????#MEMES pic.twitter.com/155kSGCicN
¡ª Sandeep Jain Tradeswift (@SandeepKrJainTS) April 11, 2022
Hilarious ?#ITC
¡ª Finance Memes (@Qid_Memez) April 10, 2022
Via @Amityadav1007
pic.twitter.com/SX4MEnfq1D
#ITC to all the trollers today. pic.twitter.com/tlNz1Dlvvg
¡ª Hybrid Investor ?? (@camanishnegi) April 8, 2022
#ITC continues its rally touches 265.
¡ª Shaina Gulati (@shainagbedi) April 8, 2022
Investors be like ???#StockMarketindia #memes pic.twitter.com/SdkbxYbJ6X
#ITC beats market expectations and hit 52-weeks high. pic.twitter.com/Q84WDOkbib
¡ª MY V¦«LU¦® PICKS (@myvaluepicks) April 11, 2022
Also Read: This Crypto Token Has Surged 31,000% In Just 30 Days!
Analysts' Take
Analysts reportedly expect ITC to have a relatively stronger quarter, with improvement in cigarettes and other divisions and lesser margin pressure compared to FMCG peers.
Analysts at ICICI Securities expect cigarette companies to see 7% & 10% volume growth, respectively, with volumes surpassing pre-Covid levels given offices, restaurants, pubs are completely open after lifting of all mobility restrictions, as per a report in Business Standard.
Moreover, robust wheat export due to the Russia Ukraine crisis is likely to benefit ITC¡¯s agri business sales, the analysts said.
In FMCG sector Q4 preview, ICICI securities reportedly said ¡°We expect strong revenue growth of 21.5% for ITC led by a strong recovery in cigarette business and robust growth in agri, paperboard & hotels business. We estimate 9.2% sales growth in cigarette sales with 7% volume growth.¡±
It also expects 69.5% growth in agribusiness and 83.6% growth in hotels business with strong occupancies.
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