ITC Stock Up Nearly 5% To A 52-Week High, After Strong Earnings Release

Shares of ITC Ltd rallied nearly 5 per cent early on Thursday after the company reported an 11.60 per cent rise in its consolidated net profit to Rs 4,259.68 crore for the March quarter from a year ago, driven by all-round growth across verticals.

On the BSE, ITC shares jumped 4.74 per cent to its 52-week high of Rs 279.15, and on the NSE, it rallied 4.66 per cent to its 52-week high of Rs 279.25 per share.

ITC shares defied the broader market's fall, with the Sensex down over 1,000 points, tracking a deep sell-off in global equities on increasing concerns that aggressive tightening by global central banks could choke growth.

ITC reported an 11.60 per cent rise in its consolidated net profit to ₹ 4,259.68 crore for the March quarter, with consolidated revenue from operations up 15.25 per cent to Rs 17,754.02 crore, compared to Rs 15,404.37 crore in the same period a year ago.

ITC, in a stock exchange filing, said its board of directors had recommended a final dividend of Rs 6.25 per ordinary share of Re 1 each for FY22. 

With the interim dividend of Rs 5.25 per share paid on March 4, 2022, the total dividend for the financial year ended 2021-22 amounts to Rs 11.50 per share.