{"id":133070,"date":"2023-04-29T20:38:02","date_gmt":"2023-04-29T15:08:02","guid":{"rendered":"https:\/\/www.gkseries.com\/blog\/?p=133070"},"modified":"2023-04-29T20:38:52","modified_gmt":"2023-04-29T15:08:52","slug":"itc-overtakes-infosys-to-become-indias-sixth-most-valuable-company","status":"publish","type":"post","link":"https:\/\/www.gkseries.com\/blog\/itc-overtakes-infosys-to-become-indias-sixth-most-valuable-company\/","title":{"rendered":"ITC Overtakes Infosys to become India\u2019s Sixth Most Valuable Company"},"content":{"rendered":"\n<p><strong>ITC\u2019s market capitalization surges, outpacing Infosys and HDFC Ltd<\/strong>: ITC, one of India&#8217;s largest FMCG conglomerates, has surpassed Infosys to become the country&#8217;s sixth most valued stock exchange business. ITC surpassed Infosys on Monday, with a market capitalisation of Rs 5.11 lakh crore, after passing HDFC Ltd on Friday. This achievement comes after ITC\u2019s share price rose 59% over the past year and 24% so far in 2023, making it the best performer in the benchmark Nifty50. Meanwhile, Infosys shares have fallen by 20% in 2023, wiping off Rs 1.80 lakh crore of investors\u2019 fortunes, following its March quarter earnings below street estimates.<\/p>\n\n\n\n<p><strong><a href=\"https:\/\/www.gkseries.com\/blog\/category\/daily-quiz\/daily-quiz-april-2023\/\" target=\"_blank\" rel=\"noreferrer noopener\">April 2023 Current Affairs Quiz<\/a><\/strong><\/p>\n\n\n\n<p><strong>ITC\u2019s growth potential sets it on course to overtake Hindustan Unilever<\/strong><\/p>\n\n\n\n<p>ITC will need to overtake rival FMCG business Hindustan Unilever (HUL), which presently commands an m-cap of Rs 5.88 lakh crore, to become the country&#8217;s fifth most valuable corporation. However, most analysts are optimistic that ITC shares will continue to rally, as its various businesses are expected to perform better than its peers. Additionally, 95% of analysts tracking ITC shares on Bloomberg have a \u201cbuy\u201d recommendation on the stock. CLSA, a brokerage firm, maintained an Outperform rating on ITC with a target of Rs 430, citing the improvement in growth visibility in cigarettes aided by stability in the tax structure. \u201cThe stock remains strong, and long-term fundamentals are intact. Besides, the strong dividend yield offers support to the stock,\u201d CLSA said.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>ITC\u2019s market capitalization surges, outpacing Infosys and HDFC Ltd: ITC, one of India&#8217;s largest FMCG conglomerates, has surpassed Infosys to become the country&#8217;s sixth most valued stock exchange business. ITC surpassed Infosys on Monday, with a market capitalisation of Rs 5.11 lakh crore, after passing HDFC Ltd on Friday. This achievement comes after ITC\u2019s share [&hellip;]<\/p>\n","protected":false},"author":894,"featured_media":133071,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5010],"tags":[74,4931,4916],"offerexpiration":[],"class_list":["post-133070","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-current-affairs-april-2023","tag-bank-current-affairs","tag-business-current-affairs","tag-national-current-affairs"],"_links":{"self":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/133070","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/users\/894"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/comments?post=133070"}],"version-history":[{"count":1,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/133070\/revisions"}],"predecessor-version":[{"id":133072,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/133070\/revisions\/133072"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/media\/133071"}],"wp:attachment":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/media?parent=133070"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/categories?post=133070"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/tags?post=133070"},{"taxonomy":"offerexpiration","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/offerexpiration?post=133070"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}