ITC share hit all time high; Declared dividend Rs 9.50
ITC Ltd, a leading FMCG company, is set to go ex-dividend on Tuesday.
In its recent announcement of the March quarter results, the company’s board declared a final dividend of Rs 6.75 per share and a special dividend of Rs 2.75 per share for FY23.
Coupled with the interim dividend of Rs 6 per share declared earlier in February, the total dividend for FY23 amounts to Rs 15.50 per share.
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ITC has been performing exceptionally well this year and is one of the top gainers in the Nifty index, with a remarkable increase of 35%. In comparison, the Nifty index has only witnessed a 2% gain.
For the March quarter, ITC reported a standalone profit of Rs 5,086.90 crore, marking a YoY increase of 21.37%.
In the same quarter last year, the profit stood at Rs 4,190.96 crore. The company’s revenue for the quarter also witnessed growth, rising by 6.14% YoY to reach Rs 17,224 crore, compared to Rs 16,226.63 crore in the corresponding quarter of the previous year.
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Several financial institutions have provided their target price for ITC shares.
JM Financial has set a target of Rs 475, Motilal Oswal Securities targets Rs 485, Elara Securities predicts Rs 473, and Kotak Institutional Equities values the stock at Rs 450.
As of the last trade, ITC shares were priced at Rs 449.10, reflecting a 1.4% increase.
Year-to-date, the stock has surged by 35%, and over the past year, it has shown an impressive growth of 67%.
