ITC hits fresh 52-week high as Future Group trio slides to new lows
On Sept 5, 2022, ITC touched a 52-week high of Rs 327.70 amid a broad rally that lifted 200 BSE stocks to highs. Consumer names Patanjali Foods, Vedant Fashions and Indian Hotels also peaked, while Future Retail, Future Enterprises and Future Lifestyle Fashions sank to fresh lows.
What happened
On Sept 5, 2022, ITC hit a fresh 52-week high while Future Retail, Future Enterprises and Future Lifestyle Fashions slid to new lows; consumer names like
Key facts
- ITC 52-week high Rs 327.70
- previous high Rs 324.20
- Sensex 59,294
- Nifty 17,678.30
- 200 BSE stocks at highs
- 32 BSE stocks at lows
Why this matters
The Future Group's slide to fresh lows amid a broad consumer rally highlights distressed acquisition targets, while ITC's strength positions it as a potential consolidator in the retail and consumer space.
What to watch
- NCLT/creditor decisions and lender provisioning on Future Group entities
- GST/excise commentary on tobacco affecting ITC
- ITC hotels demerger announcements and dividend policy
- FII flow data and global rate signals impacting broad market breadth
- Q2 earnings from Patanjali Foods, Vedant Fashions, Indian Hotels
- Rotate incremental exposure toward defensive FMCG and hospitality leaders with pricing power
- Avoid or short-cover distressed Future names ahead of insolvency milestones
- Trim ITC into strength around resistance, retain core on demerger catalyst
- Monitor promoter and institutional flows in the new-high consumer basket