The Hindu Business Line : ITC: Rapid consolidation

The Re 1-face value ITC stock, which closed 1.9 per cent higher at Rs 176.80 on the NSE on Thursday, is being seen by marketmen as a stock that is consolidating rapidly in the sub-Rs 200 levels. On Thursday, trading volumes crossed 23 lakh shares.

ITC, which had dropped to a 52-week low of Rs 132, draws its core strength from its tobacco business, which has been recording decent growth numbers. Investment circles refer to what some maintain are a strong, stable set of stakeholders in ITC. These include LIC and UTI, two of the largest Indian institutions.

Nilanjan Dey

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