It also became the fourth most valued listed company, data suggested.
The scrip rose 5.20 per cent to hit a 52-week high of Rs 302.10 on the BSE today. At this level, the m-cap of the FMCG major stood at Rs 3.8 lakh crore, higher than HUL's Rs 3.6 lakh crore.
Brokerages noted that ITC stock is trading at 50 per cent discount to HUL's valuations.
They largely are positive to neutral on the scrip. CLSA has a price target of Rs 390 on the stock. Citi (Rs 350), BNP Paribas (Rs 347), Prabhudas Lilladher (Rs 346) and IDFC Securities (338) have buy or buy/outperform view on the stock.
Macquarie (Rs 304) and Motilal Oswal Securities (Rs 295) are neutral on the stock.
"ITC is trading at 24.6 times FY20E EPS versus HULs 48.2 times FY20E EPS. This 50 per cent discount is at the higher end and during good times, it has shrunk to 20 per cent. However, with cigarette still contributing ~85% to EBIT, reliance on regulated business remains high. Hence, we maintain holdand value ITC on SOTP on FY20E to arrive at a target price of Rs 328," Edelweiss Securities said in a note.
The cigarette maker on Thursday posted 10.08 per cent jump in profit at Rs 2,818.68 crore for the quarter ended June 2018. Its profit was Rs 2,560.50 crore in the same quarter last year.
An ETNow poll had predicted net profit of Rs 2,805 core for the quarter under review.