The stock of ITC has proved to be a dark horse this year. The FMCG share, termed as a defensive and safe bet for long, has surged 50 per cent in 2022. Shares of ITC, which closed at Rs 218 on December 31 climbed to a record high of Rs 330.55 level today, translating into a gain of 51.62 per cent during the period. Before the ongoing rally, ITC stock had been in a consolidation mode. It stood at Rs 216 on December 11, 2020. In fact, the stock closed at Rs 208 on February 24 this year, the day when Russia started military action on Ukraine, leading to a carnage in the stock markets worldwide, including India.
On Thursday, the shares of FMCG-cigarette-to-hotel major ITC zoomed over 4 per cent to hit a high of Rs 279.15. It rose 2 per cent to hit a new 52-week high of Rs 282.3 on BSE on Friday.
Shares of ITC jumped over 3 per cent on Thursday after the company reported an 11.60 per cent rise in consolidated net profit for the fourth quarter ended March.