ITC shares hit record high on strong Q2 earnings

Shares of diversified conglomerate ITC today rose by over 2 per cent to touch a record high of Rs 299.20 intraday, after the company reported a 21.27 per cent jump in net profit for the second quarter this fiscal.

Defying a weak broader market, ITC shares ended at Rs 297.50, up 2.09 per cent on the BSE. During the day, the scrip jumped 2.67 per cent to a record high of Rs 299.20.

On the NSE, the stock closed 1.87 per cent up at Rs 297.05.

Analysts said ITC's results were better-than market estimates.

"ITC delivered a stellar set of numbers which was ahead of our estimates," V Srinivasan, Research Analyst at Angel Broking, said.

ITC Ltd today reported a 21.27 per cent increase in its net profit at Rs 1,836.42 crore for the second quarter ended September 30, 2012, driven by robust sales across its agri and cigarettes verticals.

The Kolkata-based firm had posted a net profit of Rs 1,514.31 crore for the same period of previous financial year.

Net sales of the company rose to Rs 7,146 crore for the second quarter, as against Rs 5,974.18 crore during the corresponding period of 2011-12 fiscal.

For the second quarter, the company's FMCG business, including cigarettes and other products posted a rise of 17.8 per cent in net sales at Rs 5,075.95 crore, as against Rs 4,308.80 crore during the same period of 2011-12 fiscal.

In the broader market, the BSE benchmark Sensex closed at 18,682.31, down 109.62 points.