Jobaaj Stories
In a noteworthy move in the market, ITC's share price jumped by almost 4% during intraday trading on the Bombay Stock Exchange (BSE) on Wednesday, reaching a record high of ₹510.60. With ITC's stock rising 10% in just two days, this remarkable spike occurs in the middle of an otherwise calm market.
ITC's share price jumped substantially when Finance Minister Nirmala Sitharaman made an important statement during her Union Budget 2024- 25 address. The tobacco business is a vital area for ITC, and the budget did not change its tax structure in any way. This tax stability gave the corporation, whose revenue is primarily derived from its tobacco industry, much-needed relief.
#ITC shares hit life high. #NDTVProfitStocks
— NDTV Profit (@NDTVProfitIndia) July 24, 2024
Read latest #stockmarket updates: https://t.co/m3WJK40K7W pic.twitter.com/goUVaPSp7z
The price of ITC's stock has now risen over its previous peak, which was attained on July 24, 2023, at ₹499.60. ITC's share price has risen above this mark as a result of the current rally, indicating high investor confidence. ITC's stock has increased by 20% just in July, showing strong performance despite general market trends.
Furthermore, since June 4 of this year, when the ITC shares hit a low of ₹403, the shares have increased by 27%. The stock's durability and the benefits of the stable tax environment mentioned in the budget are demonstrated by this rebound.
The lack of changes in the tobacco industry's tax laws has relieved ITC of a major load, enabling the company to concentrate on its primary activities without facing extra financial pressure. The company's stock price is expected to rise further as a result of this stability as investors become more optimistic about ITC's future.
📈 #ITC hits a new record high with a 9% gain in 2 sessions—could sectoral rotation be on the horizon? 🔄🚀#StockMarket #SectorRotationhttps://t.co/LdNlaHSebI
— Zee Business (@ZeeBusiness) July 24, 2024
The positive outlook in the market and the good news about the budget will probably be the most significant factors influencing ITC's success in the remaining months of the year. Investors are keeping a close eye on the company to see if it can sustain its trend and provide solid returns going forward.
It is evident from ITC's share price reaching a record high of ₹510.60 that the market has responded favorably to the budget's stability in tobacco taxation. ITC is in a good position to expand on its recent strong performance and encourage further growth, having seen a notable increase over the last several days and a strong recovery from earlier lows. As always, when making investing decisions, investors should keep themselves informed and take market trends into account.
