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[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] 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