ITC hits over 3-year high as FPIs hike stake; stock up 40% so far this year

FPIs holding in ITC increased to 12.68% in June quarter from 11.99% in the preceding quarter and 9.99% at the end of December quarter.

Shares of ITC hit over three-year high of Rs 304.70, up nearly 1 per cent on the BSE on Wednesday’s intra-day trade. The stock has surged 13 per cent in the past one month on hopes of healthy earnings coupled with stock buying by foreign investors.

So far in the calendar year 2022 (CY22), ITC has outperformed the market as it soared 40 per cent on foreign portfolio investor's (FPIs) buying spree. In comparison, the S&P BSE Sensex was down 6 per cent, during the same period. Earlier, the stock had hit a record high of Rs 353 on