ITC Shares Hit Record High as Market Capitalization Exceeds ₹6.5 Lakh Crore - Read Here

ITC Limited has reached a significant milestone as its shares hit a record high of ₹522.45 on September 26, 2024, pushing the company’s market capitalization beyond ₹6.5 lakh crore for the first time. This surge comes amid positive momentum in the stock, which has gained nearly 22% in the past three months and over 12% year-to-date.

The uptick in ITC's share price is not solely due to market trends; the company has also been strategically enhancing its portfolio. Recently, ITC increased its stake in Sproutlife Foods, acquiring 1,413 compulsory convertible preference shares (CCPS) for a total investment of ₹255 crore. This acquisition is part of a follow-on investment outlined in the Securities Subscription & Purchase Agreement and Shareholders Agreement signed earlier this year.

With this investment, ITC now holds approximately 47.50% of Sproutlife's share capital, reinforcing its commitment to growing its food segment portfolio. Sproutlife Foods is known for its Yoga Bar brand, which specializes in health-focused food products. The company has a strong presence in the online sales market, leveraging direct-to-consumer (D2C) channels and e-commerce platforms while expanding into offline retail.

ITC has performed remarkably well over the past few years, yielding a multibagger return of 119% in the last three years. Earlier in 2024, ITC overtook Britannia Industries to become the second-largest fast-moving consumer goods (FMCG) company in India. Additionally, ITC stands as one of the largest tobacco companies globally, showcasing its diverse business interests.

As ITC continues to solidify its position in the FMCG sector and expand its investments in innovative companies like Sproutlife, investors are keenly watching the stock for further growth potential.