After breaching the ₹ 400.00 mark, shares of ITC Ltd reached a new all-time high of ₹ 402.00 apiece on Tuesday. At 11:22 AM on Wednesday, its shares were trading at ₹ 401.00 apiece on the National Stock Exchange (NSE).
Popularly known as a meme stock, its share price has risen by a whopping 53.32 % in the past year and by 145% since the pandemic-induced crash.
ITC is a diversified conglomerate that operates in multiple business segments — FMCG, cigarettes, FMCG others, hotels, paperboards, paper and packaging, and agri-business.
With a market capitalization of ₹ 4,95,257 crores, ITC is a large-cap blue chip stock. It has an ideal return on equity of 24.82% and a high dividend yield of 3.07%.
According to data available on the exchanges, Foreign Portfolio Investors lapped up shares of ITC. GQG Partners Emerging Markets Equity Fund held a 1.29% Stake or 15,95,99,760 shares in ITC as per the shareholding data of the December quarter. However, data for the January to March quarter showed that it holds 17,87,71,863 shares or a 1.44% stake in the company, indicating an increase in stake.
Other foreign portfolio investors collectively held 16,07,00,702 shares or a 1.30% stake in the December quarter. Their shareholding in the company has increased to 16,59,98,161 shares or a 1.34% stake.
Meanwhile, the Life Insurance Corporation of India (LIC) held a 15.29% stake or 1,89,62,66,679 shares in the company, according to data available for the December quarter. However, the insurance behemoth currently holds a 15.27% stake or 1,89,68,61,285 shares in the company, indicating that its stake in the company has reduced.
It can be observed that the number of shares that LIC holds in ITC has increased, however, its stake in the company has reduced because the total number of shares of the company has increased from 12,41,23,09,001 shares in the December quarter to 12,42,80,17,741 shares in the March quarter.
Even though ITC was one of the best-performing stocks on the bourses in its category, and delivered massive returns in the past year, brokerages are bullish on the stock. Brokerage firm Sharekhan reiterated a buy rating on the stock with a target price of ₹ 450, indicating an upside of 12.22% as compared to its current share price of ₹ 401.00 apiece.
Written by Simran Bafna
Disclaimer
The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
The post FPIs increase their stake in this large cap company while LIC reduce their stake; Here are the details appeared first on Trade Brains.
