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 per cent to reach an all-time high of Rs 522.50 on the BSE, pushing its market capitalisation past Rs 6.5 lakh crore for the first time.

The market rally comes on the back of ITC's latest investment in Sproutlife Foods, a start-up behind the popular health brand ‘Yoga Bar.’

As of 12:43 pm IST, the shares of the company were trading at Rs 520.95, up by 0.66 per cent on NSE.

The shares of the company today opened at Rs 517.65 apiece and reached a high of Rs 522.45 apiece during the intraday trading session on NSE.

Year-to-date, the stock has gained over 12 per cent, while the year-on-year growth is more than 17 per cent.

Increasing Stake in Sproutlife Foods

In a regulatory filing on September 25, the company announced that it had acquired 1,413 Compulsorily Convertible Preference Shares (CCPS) of Sproutlife Foods Pvt. Ltd. This acquisition was made as part of a follow-on investment under an agreement signed in April 2023, which allows ITC to fully acquire Sproutlife in multiple stages.

With this fresh infusion, ITC’s shareholding in Sproutlife now stands at around 47.5 per cent on a fully diluted basis. The total investment for this increased stake has reached Rs 255 crore.

About Sproutlife

As per the BSE exchange filing, the company added, 'Sproutlife is a start-up engaged in the business of manufacturing and selling food products under the trademark ‘Yoga Bar’. Positioned as a digital first brand, Yoga Bar currently has high salience of on-line sales (D2C, e-commerce platforms etc.) with growing presence in offline stores."

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