ITC hits a new high

It is ITC which has been the newsmaker today; the stock rose almost 1.5% to hit a new 52-week high at Rs.302.20 though it is now just about holding on to the green at Rs.298 currently.

The stock hit a new high after the Chairman and Managing Director Sanjiv Puri said at a press conference yesterday that the company is considering a de-merger of its hotel business. Currently ITC Hotels operates 113 properties.

That apart, the CMD also hinted at a possible listing of its IT unit – ITC Infotech.

Thus with two possible listings from ITC, creating value for the shareholders, the stock price naturally hit  a new high.