ITC becomes India’s 4th most valued firm in market capitalisation
New Delhi: ITC went past Hindustan Unilever to become the country’s fourth most valued firm in terms of market valuation helped by a smart surge in its share price.
At close of trade, ITC shares ended 5.24 per cent higher at Rs 302.20 on BSE. Intra-day, it zoomed 6.91 per cent to Rs 307 — its 52-week high. The stock was the top gainer among the 30-Sensex blue chips.
Led by the sharp rally in the stock, the company’s market valuation rose to Rs 3,69,259.15 crore, which was Rs 10,460.27 crore more than that of HUL’s Rs 3,58,798.88 crore m-cap on BSE.
With this, ITC also became the most valued FMCG company. HUL shares ended 0.64 per cent lower at Rs 1,657.55 on BSE. During the day, it slipped 1.51 per cent to Rs 1,643. Shares of ITC have been on a rising spree for the seventh straight session, surging nearly 13 per cent.
ITC yesterday reported 10 per cent rise in standalone net profit at Rs 2,818.68 crore for the first quarter ended June 30, aided by lower expenses, good growth in agri-business and other FMCG business despite decline in cigarettes sales.
TCS is the country’s most valued firm with a market cap of Rs 7,43,930.44 crore followed by RIL (Rs 7,15,772.03 crore), HDFC Bank (Rs 5,82,044.68 crore), ITC and HUL in the top five order on BSE. Rise in ITC was also instrumental in sending the BSE benchmark index higher by 352.21 points to close at 37,336.85.