ITC Ltd Closing in on British American Tobacco in Value

Business by 2FIRSTS.ai

Mar.15.2024

ITC Ltd Closing in on British American Tobacco in Value

Indian tobacco major ITC Ltd's market value is catching up to British American Tobacco, which recently sold ₹17 billion worth of ITC shares.

According to a report by Moneycontrol, Indian tobacco giant ITC Ltd is rapidly catching up to British American Tobacco in terms of market value. British American Tobacco recently sold ITC shares worth approximately Rs 17,000 crore.

At present, the market value of ITC Limited is $64 billion, slightly lower than British American Tobacco's $68 billion. It is worth noting that while British American Tobacco's stock price has dropped by 21% in the past year, ITC's stock price has increased by approximately 11%.

British American Tobacco initially invested in this stock in the 1900s. Prior to this sale, British American Tobacco held around 29% of the shares in ITC.

References:

[1] ITC's market capitalisation catching up with British American Tobacco

Also Read:

[1] BAT Sells 3.5% Stake in ITC for $2.1 Billion

[2] BAT Initiates Stock Buyback and ITC Share Sale

[3] BAT Considering Sale of Partial Stake in Indian ITC Company

#Traditional tobacco #Asia #India #Major companies

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