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[ad_1] Multibagger Stock: Shares of the FMCG giant ITC hit a new high of Rs 401.70, gaining 1.6 per cent on the BSE in Monday’s intra-day trade in an otherwise weak market amid sustained buying interest by foreign portfolio investors (FPIs). ITC share price today touched an intraday high of Rs 401.7 per share. Earlier, on Thursday, ITC stock had ended at Rs 396. ITC share price has gained over 20% year-to-date, after drawing criticisms and significant trolling from investors over the years. “ITC Ltd.’s share price has reached a new all-time high, crossing the Rs 400 mark and gaining over 20% since the start of this year. This surge in share price reflects the positive sentiment among investors, likely driven by the company’s strong financial performance, growing demand for FMCG products in India, and favorable macroeconomic conditions," said CA Manish Mishra, Virtual CFO The fast-moving consumer goods (FMCG) and cigarette maker has doubled or zoomed 101 per cent from a level

[ad_1] Last Updated: June 28, 2023, 08:17 IST Stocks to Watch on June 28:  The Nifty futures contract traded on the Singapore Exchange indicates a positive start to domestic equities. The contract was trading at 18,862.50, up 51.5 points or 0.27% from the previous close. HDFC Ltd: The company said that the process of HDFC-HDFC Bank merger is underway, and the effective date is currently tentative and subject to change. This comes after its chairman Deepak Parekh said that the merger was expected to be completed on July 1, 2023. Additionally, HDFC announced the merger of its wholly-owned subsidiaries, HDFC Investments Limited and HDFC Holdings Limited, with HDFC Limited. Vedanta: Sources have told CNBC-TV18 that Vedanta-Foxconn has submitted a revised application to the Ministry of Electronics and Information Technology (MeitY) to establish a semiconductor fabrication unit in the country. The updated application comes in response to the new guidelines issued by MeitY and aims to

[ad_1] The cigarettes-to-hotels conglomerate, ITC, has joined the elite group of companies having market valuation of Rs 6 lakh crore. Shares of the company hit a fresh lifetime high of Rs 485.15, gaining 1 per cent on the BSE in the intra-day trade amid heavy volumes. With Rs 6.04-trillion market capitalisation (market cap), ITC now stands at the seventh position in the overall m-cap ranking among the BSE listed companies. Currently, Reliance Industries, Tata Consultancy Services, HDFC Bank, ICICI Bank, Hindustan Unilever, and Infosys have market cap over Rs 6 trillion. The current data shows that the stock price of ITC is Rs 488.3, with a per cent change of 1.97 and a net change of 9.45. This indicates that the stock price has increased by 1.97 per cent and the value has increased by Rs 9.45. Overall, this suggests a positive movement in the stock price of ITC. Thus far in the calendar year 2023, the stock price of ITC has appreciated 46 per cent on continued buying by the forei

[ad_1] Last Updated: June 28, 2023, 08:17 IST Stocks to Watch on June 28:  The Nifty futures contract traded on the Singapore Exchange indicates a positive start to domestic equities. The contract was trading at 18,862.50, up 51.5 points or 0.27% from the previous close. HDFC Ltd: The company said that the process of HDFC-HDFC Bank merger is underway, and the effective date is currently tentative and subject to change. This comes after its chairman Deepak Parekh said that the merger was expected to be completed on July 1, 2023. Additionally, HDFC announced the merger of its wholly-owned subsidiaries, HDFC Investments Limited and HDFC Holdings Limited, with HDFC Limited. Vedanta: Sources have told CNBC-TV18 that Vedanta-Foxconn has submitted a revised application to the Ministry of Electronics and Information Technology (MeitY) to establish a semiconductor fabrication unit in the country. The updated application comes in response to the new guidelines issued by MeitY and aims to

[ad_1] Jefferies has raised its target price for ITC to Rs 530 from Rs 520, indicating a 19 per cent upside from current levels. The upgrade comes on the back of ITC considering an alternate structure for the hotel business. Shares of the cigarettes-to-hotels conglomerate rose over 1 per cent on Wednesday. “ITC Hotels is the second largest listed chain which has been focusing on an ‘asset-right’ strategy. We apply 18x EV/Ebitda multiple pegging at a discount to our fair value for the leader, Indian Hotels at 23x. Accordingly, we raise ITC’s target price," said Jefferies in a report dated June 27. The hotel business has contributed less than 5 per cent to ITC’s revenues and EBIT over the last decade. Meanwhile, it has accounted for over 20 per cent of ITC’s capex in the past. Investors have always been concerned as this guzzling of cash has not generated good returns. The hotel business’ RoCE (return on capital employed) has also been in single digits for most years. The hotel