ITC shares hit fresh 52-week high after acquisition of 39% stake in Sproutlife

ITC’s shares rose nearly 2% to hit a 52-week high of Rs 431.9 after it acquired equity and preference shares of Sproutlife Foods for Rs 175 crore, increasing its shareholding in the company, according to an exchange filing. As of May 4, 2023, ITC was the seventh-largest company by market capitalisation in India, with a market cap of Rs 5.33tn. Improved business and lower-than-expected tax hikes on cigarette sales were cited as reasons behind the stock gains.