Market opens at fresh high, Nifty surpasses 11,200 for the first time, ITC leads the charge

Shares of ITC gained over 5 percent on Friday morning as investors cheered the company's strong financial results for the June quarter. 

Cigarette-to-soap maker ITC reported 10.08 percent year-on-year (YoY) increase in net profit at Rs 2,819 crore for the first quarter of FY19.

The rise in the bottom line was driven by growth in its non-cigarette businesses on the back of a favourable base and improved realisations from cigarettes.

During the review period, net sales stood at Rs 10,874 crore, up 9.20 percent on year, while earnings before interest, tax, depreciation, and amortisation (EBITDA) for the first quarter stood at Rs 4202.1 crore. EBITDA margin was 39.3 percent for the quarter.It’s a strong start to the market on Friday morning, with the Sensex and Nifty opening at a fresh record high and crossing 11,200 for the first time. 

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