ITC gains 1% after Motilal upgrades rating; stock up 23% thus far in 2022

Shares of ITC were up 1.4 per cent at Rs 267.10 on the BSE in Thursday’s trade after the domestic brokerage firm Motilal Oswal Financial Services (MOSL) upgraded its rating on the stock with ‘Buy’ and a target price of Rs 335 per share. The stock of diversified fast moving consumer goods company (FMCG) had hit a 52-week high of Rs 282 on May 20, 2022. It touched a record high of Rs 353 on July 3, 2017.

Thus far in the calendar year 2022 (CY22), ITC has outperformed the market after underperforming in past three consecutive calendar years. In CY21, ITC had gained 4 per cent against 22 per cent rally in the S&P BSE Sensex. In CY19 and