ITC Share Price Surges To Near 52-Week High Should You Buy

The stock price of the cigarette-to-hotel conglomerate has varied within a limited band during the last year. Many investors were thrilled to see the stock suddenly soar over its limited range after more than a year of waiting. Because the stock has been cheap for a long time, stock market analysts feel that the latest gain is predictable. Following the second wave of Covid-19, analyst Meena Agrawal said that ITC shares were cheap since they had not participated in the market increase. If it manages to break beyond the 240 marks, we may infer that a fresh bull run has begun," she added. It is expected that news of the conglomerate's company demerger would act as a significant driver for the stock. The Bengaluru-based company reported an overall net profit of Rs. 3,343 crore for the three months ending June 30 on June 30. Stocks such as Nestle, Britannia, and others are trading at a discount, which is mostly to blame for the rise in the counter. Ravi Singhal, Vice Chairman of GCL Securities, stated that there aren't many catalysts in the market.