Shillong, April 26: ITC share price has increased over 58% in the previous year and over 23% so far this year overtaking Infosys to become India’s 6th largest IT company.
ITC stock has not just once, not twice, but numerous times reached fresh all-time highs even in this month of April. And it did so once more Tuesday, hitting new all-time highs of 413.45 on the BSE and 413.55 on the NSE.
ITC has surpassed IT juggernaut Infosys to become India’s sixth largest business, according to market valuation, because to the recent increase in the country’s favourite meme stock. ITC presently has a market cap of Rs 5.11 trillion, surpassing Infosys, which is ranked seventh with a market cap of just under Rs 5.08 trillion (at the time of writing this report).
As a result of the share price reaching a high of Rs. 413.45 on Monday before completing the session at Rs. 411.35, ITC’s market capitalization ranking rose two positions in three days. ITC’s market capitalization ended Monday’s trading at Rs. 5.11 lakh crore, while Infosys was valued at Rs. 5.08 lakh crore.
ITC accomplished this after its share increased by 59% in the previous year. ITC shares have increased by 24% thus far in 2023, outpacing the benchmark Nifty50.
On the other side, Infosys stock is under a lot of pressure after its March quarter earnings came in below expectations. Infosys shares have lost 20% of their value so far in 2023, costing investors around Rs 1.80 lakh crore.