ITC gains 2% in a weak market, stock nears 52-week high

A stable tax environment for cigarettes in recent years has allowed ITC to calibrate price increases to avoid a disruption in demand.

Shares of ITC gained 2 per cent at Rs 279 on the BSE in Friday’s intra-day trade in an otherwise weak market, as a good defensive play in a volatile environment. The stock of the diversified fast moving consumer goods (FMCG) company quoted close to its 52-week high of Rs 282.30 touched on May 20, 2022. In comparison, the S&P BSE Sensex was down 1 per cent at 52,470 at 10:46 am.

In the past three months, ITC has outperformed the market by gaining 10 per cent, as against 12 per cent decline in the Sensex. Further, in six