ITC gains 3% a day ahead of turning ex-dividend; stock nears record high

With a modest 1 per cent increase in duty on cigarettes and improving outlook for FMCG and Hotels, brokerages think ITC is well positioned for a strong FY24.

Shares of ITC were up 3 per cent at Rs 384.55 on the BSE in Tuesday’s intra-day trade, ahead of record date for an interim dividend of Rs 6 per share. The board of the tobacco-to-hotels major at their meeting held on February 3 recommended an interim dividend of Rs 6 per share (previous year Rs 5.25 per share) for the financial year ending March 31, 2023.

The company had fixed Wednesday, February 15, 2023 as the record date for the purpose of determining entitlement of the members for interim dividend. ITC will turn ex-date for interim dividend tomorrow.