GQG Partners Raise Stake In ITC, Holding Value Crosses Rs 16,500 Crore

GQG Partners increased their stake in ITC Ltd. by adding over 15.1 crore shares during the quarter ended December 2023, bringing their holding value to over Rs 16,502 crore.

The U.S.-based company's current holding stands at 34.79 crore shares, or 2.79% equity in the company, according to the company's shareholding pattern for the third quarter.

This compares with 19.67 crore shares, or 1.58% equity, held at the end of the second quarter.

The holding is valued at Rs 16,502.9 crore, as per the closing on Tuesday.

According to the closing price on Sept. 29, the holding was valued at Rs 8,744.3 crore.

Shares of ITC rose 1% to Rs 474.35 apiece, as compared with a 0.29% fall in the NSE Nifty 50, as on market close on Tuesday. The stock rose 1.58% intraday, the most in a day since Jan. 3.

The average traded volume during the day stood at 1.15 times its monthly average, while the relative strength index was at 62.

Of the 38 analysts tracking the company, 35 maintain a 'buy' rating, and three suggest a 'hold', according to Bloomberg data. The average 12-month consensus price target implies a potential upside of 8.6%.