ITC Stock Surges To All-Time High Of 522.50, Market Cap Crosses 6.5 Lakh Crore After Raising Stake In Sproutlife

The shares of ITC on Thursday (September 26) nearly 1 p.c to get to an all-time excessive of Rs 522.50 on the BSE, urgent its market capitalisation previous Rs 6.5 lakh crore for the very first time.

The market rally begins the rear of ITC’s latest monetary funding in Sproutlife Foods, a startup behind the distinguished well being and wellness model identify ‘Yoga Bar.’

As of 12:43 pm IST, the shares of the enterprise have been buying and selling at Rs 520.95, up by 0.66 p.c on NSE.

Share Performance|

The shares of the enterprise at this time opened up at Rs 517.65 every and received to a excessive of Rs 522.45 every all through the intraday buying and selling session.

Year- to-date, the provision has truly gotten over 12 p.c, whereas the year-on-year growth is larger than 17 p.c.

Increasing Stake in Sproutlife Foods

In a regulative declaring on September 25, the enterprise launched that it had truly gotten 1,413 Compulsorily Convertible Preference Shares (CCPS) ofSproutlife Foods Pvt Ltd. This buy was made as element of a follow-on monetary funding beneath an association checked in April 2023, which allows ITC to completely get hold of Sproutlife in quite a few phases.

With this contemporary combination, ITC’s shareholding in Sproutlife at present stands at round 47.5 p.c on a totally thinned down foundation. The full monetary funding for this raised threat has truly gotten to Rs 255 crore.

About Sproutlife

As per the BSE alternate declaring, the enterprise included, ‘Sproutlife is a start-up taken part in business of production and offering food under the hallmark‘Yoga Bar’ Positioned as an digital very first model identify, Yoga Bar presently has excessive salience of web gross sales (D2C, procuring techniques and so forth) with increasing visibility in offline retailers.”

In the previous three years, Sproutlife’s turnover rose from Rs 68 crore in FY22 to Rs 108 crore in FY24.