New Delhi, 26th April 2023: ITC, the sixth-weighted stock on the Nifty50, temporarily exceeded Infosys’ market capitalisation on Tuesday to take over as the sixth-largest company in the nation. The cigarette giant passed Infosys in terms of market capitalisation on Friday after passing home loan provider HDFC Ltd.
The company has improved its market cap ranking by two spots in just three sessions as a result of the stock crossing the Rs 412 threshold.
Tata Consultancy Services (TCS), the second-largest corporation, holds a weight of 4.3 percent, which is barely below that of ITC as of Tuesday, whereas ITC boasts of a weight of 4.7 percent on Nifty50.
ITC shares have produced another 24 percent gains thus far in 2023, the greatest performance on the benchmark Nifty50 after the phenomenal run of last year with 52 percent returns. On the other hand, Infosys stock has plunged up to 26% from its peak since December, wiping out investor value to the tune of around Rs 2 lakh crore.
As a result, the “buy” rating for ITC stock has been given by roughly 95% of analysts who follow it on Bloomberg, while Infosys’ “sell” rating has increased to its highest level since September 2017.
