2 years ago

Are IT stocks the ITC of 2023?

ITC was probably the most talked about stock of 2021 and 2022. From the lows of April 2020 to January 2021, the ITC stock was up 30%, while the BSE Sensex was up 133%. From ₹220 in January 2022, the stock shot up 60% to ₹356 by November 2022 and eventually touched its all-time high of ₹392 in March 2023. Now, most IT companies are trading at a discount to their 3-year median PE and all-time high PEs. TCS is available at a PE of 28 times, a discount of 16% to its 3-year median PE and 30% to its all-time high PE of 40 times.

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