ITC share price continued its golden run on Monday as the stock jumped over 1.5% to hit its all-time high of ₹401.95. The jump saw admiration for the stock pouring in from across social media.
What Happened: D. Muthukrishnan also took to Twitter to express his adulation for the stock. The value investor wrote that he faced heavy trolling for his view on the company in 2020-21. He added that back then, he chose not to react to the critics himself, but let the stock price answer. Today as the stock hit an all-time high, he wrote that “The stock has answered.”
Between, 2020-2021 the stock went through a dull phase, as the stock was stuck around the ₹200 level. However, the tobacco-to-hotels giant has had a great run at the bourse in the last year. ITC’s share price has gone up close to 48% in the past year. Even since the start of the current year ITC’s share price has zoomed over 20%.
Analysts have also remained bullish on the stock. Morgan Stanley has an ‘overweight’ rating for the stock with a price target of ₹415. Domestic brokerage firms Sharekhan, Motilal Oswal and KRChoksey, all see double-figure upside in the stock. Sharekhan and Motilal Oswal have a ‘buy’ rating on the stock with a target price of ₹450. KRChoksey also has a ‘buy’ call on the stock with a price target of ₹442.
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Price Action: ITC share price was up 1.16% to trade at ₹400.05 in the late hours of trading on Monday.
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