Fast moving goods giant ITC surpassed home lending provider HDFC in terms of market capitalisation on Friday, becoming the seventh most valued listed corporation.
In intraday trade today, ITC shares touched a record high of Rs. 405.90, up 1.4% on the BSE. The S&P BSE Sensex was down 0.12% at 59,560 at 12:26 p.m.
According to data, ITC ranked seventh in the overall m-cap ranking with a market cap of Rs 5.04 trillion, while HDFC ranked eighth with a market worth of Rs. 5.03 trillion.
So far in calendar year 2023, ITC has outperformed the market by 22%, compared to a 3% fall in the S&P BSE Sensex. Meanwhile, HDFC has gained 2.4% throughout the same time period.
ITC is one of India’s most diverse players, with operations in industries as diverse as cigarettes, fast moving consumer goods , hotels, and paper.
Despite an uncertain demand environment and ongoing inflationary pressures on margins, ITC has maintained consistent performance in recent quarters. The company’s resilient success was fueled by a strong rebound in its core cigarette business in the post-Covid era, consistent double-digit growth in its non-cigarette FMCG sector, and rapid development in its hotel and paperboard, paper, and packaging businesses.
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