ITC share price jump nears to its 52 week high, sparks meme fest online

The share price of ITC today climbed towards its 52-week high of 239 per share, as the firm made a surprising 7 percent rebound in early trade on Thursday after being something of a laggard during the current bull market run. The firm has been rangebound and is up approximately 8% this year, compared to a nearly 23% gain in the benchmark Sensex.

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Many investors have been waiting for the stock to move above its limited range for over a year, so today’s unexpected increase is a welcome surprise. According to some stock market analysts, the stock’s rise was predictable because it had been undervalued for a long time. They feel that the company’s foundations are extremely solid and that revenue will increase with time.

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The trade community has been increasingly calling for the company’s different businesses to be demerged, particularly those that use a lot of cash, such as its hotel sector. Among the requests are calls for share buybacks and more aggressive management measures.

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The market’s reaction to the stock has been mixed, according to everyone, from famous fund managers to ordinary traders. Some feel the company is underperforming owing to low margins in its FMCG sector and losses in its hotel section, while others believe it is a sleeping behemoth that will undoubtedly awaken one day.

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Hilarious ITC memes are doing the rounds on social media platforms, let’s have a look at them:

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The business recorded a consolidated net profit of 3,343 crores for the quarter ended June, up from 2,567 crores in the same period last fiscal year. Its revenue from operations increased by 36% to 14,240.76 crores in the current quarter, compared to 10,478 crores in the year-ago quarter.