ITC hits a new high

ITC is doing booming well today despite the poor market. Though the stock opened 1% lower at Rs.309.05, it soon rose to hit a new 52-week high at Rs.316.95, up over 1.5%.

There is no new material development in the company but its just value buyers getting into the stock. Fund houses and other investors are probably getting into the stock on account of commodity prices coming down and with hospitality business expected to do well, what with people travelling like never before. The fund houses are banking on lower raw material prices giving impetus to better performance of FMCG sector.

There is also a buzz around about value unlocking through divestments, though nothing new from the company has come forth on this.