
Shares of ITC today have hit a fresh record high in the afternoon deals, also significantly lending support to the benchmark Nifty 50 in trade today. One of India’s top conglomerates, dealing in the cigarettes, FMCG, Hotels and various businesses has hit a fresh record high of Rs 515.95 on the NSE today. In the last one year, the stock has delivered returns of 16.2% against a 30% jump in the benchmark Nifty 50 index. In the year so far, ITC shares have rallied over 10%.
The stock, despite low returns as compared to other stocks in the index, has continued to remain a darling of investors — not just now but since the past two decades or so. Only recently, Quant Mutual Fund chose ITC over HDFC Bank – the fund house trimmed its stake in HDFC Bank and added ITC shares worth nearly Rs 3,700 crore in the month of July. According to a Moneycontrol report, currently, 39 mutual funds hold 125 crore shares of ITC worth Rs 61,862 crore.