ITC crossed the stock price of ₹300 per share for the first time in three years. This rise is a result of the recent annual general meeting where the company’s progress was shared.
On Thursday, July 21 the company’s stock reached a 52-week high share price. The share price per share crossed ₹300. The reason for this rise could be the progress shared by the company in its annual meeting. On 20 July 2022, the company had its 111th Annual General Meeting which was addressed by the chairman and Managing Director (MD): Mr. Sanjiv Puri. The meeting discussed the initiatives and progress in the first quarter of the year. Puri also mentioned the further expansion plans and initiatives to be taken in the year ahead.
After the annual meeting on Tuesday, the share price surged to a year-high of ₹299.50 per share. On Thursday the stock opened at ₹299 and was reported the highest in 52 weeks at ₹302.20 during the day. The lowest intraday value of the share was recorded at ₹298.15 per share and the stock closed at ₹299.45 apiece. Analysts say that the company’s portfolio is expected to increase and the share price can hit the highest of ₹340 per share in the short term. The company has reached this high amount last in May 2019 and this is the first time post-pandemic it has reached this number. The current Market Capital of the company is ₹3.70 lakh crores.
ITC 111th Annual Meeting
The meeting was addressed by the chairman and MD, Sanjiv Puri who is working has been working with the company since 2015. During his address, Puri talked about the situation in the company post-pandemic, he stated their goals for the future quarter. The mission for the upcoming years was discussed in brief. The company’s response to digitalization and growth was talked about. Apart from this the company’s progress in the FMCG (Fast Moving Consumer Goods) industry, the Agri-Business industry, the Hotel industry, and the Fintech industry was declared individually.
ITC has an embedded motto of “Nation First: Saab Sath Mein Badhenge” (We will grow together) and adheres to the government’s initiative of ‘Aatmanirbhar Bharat’. They encourage local entrepreneurship and partner with them for production. With this, the company has partnered with 5 manufacturing facilitators to help them in the agri-business segment as well as distributions. They have also ensured to align this with the ‘Digital India’ program by the government.
The company’s gross revenue was reported to increase by 22.7 percent which shows an estimated amount of ₹59,000 crores. While the company’s EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) has risen by ₹19,000 crores indicating an increase of 22 percent. “It is indeed heartening that, notwithstanding the near-term challenges, your Company continues to deliver robust growth across all business segments, though inflation remains a key monitorable,” said Sanjiv Puri.
ITC is the largest FMCG company in the country. With its unique brands to manufacture specialized products, the company is not only selling in India but is also available abroad. The company’s products are available in over 60 countries across the globe. The company has an estimated market potential of ₹5,00,000 crores by the year 2030. Their FMCG products range from necessities like rice and wheat to finished food products like chips and chocolates.
Overall the company’s progress has been commendable and the investors and other stakeholders are happy with the performance. The company has managed to maintain its work in several industries including agri-business, fintech, hotel, etc. The company is also coming up with newer initiatives to ensure sustainability and help with climate change. Surely a company like this maintains a balance, between generating profits and maintaining external factors. It is one of the best for a reason after all.
