Shares of Indian conglomerate ITC Ltd have climbed to record highs, suggesting investors may be starting to focus on market stability amid concerns over corporate governance.

It is the best-performing stock on the NSE Nifty 50 index, up 15% this year, giving it a market capitalisation of nearly $57 billion. Its climb accelerated this month as charges against Adani Group by US short-seller Hindenburg Research made Adani Enterprises Ltd and Adani Ports & Special Economic Zone Ltd the worst performers on the index.

“Amid Adani’s troubles and inflation, ITC’s steady cash flow and dividend have won investors over,” said Sameer Kalra, founder of Mumbai-based Target Investing. “The company is also poised to unlock value in its non-cigarette business.”

ITC, which has businesses ranging from tobacco to food and hotels, has one of the highest dividend yields and returns on equity among Nifty members. It also topped Bloomberg Economics’ analysis of Indian conglomerate governance, liquidity and leverage. Tech Mahindra Ltd, a software services provider similar to ITC, is Nifty’s second-best winner this year.

Steady returns increasingly attract Indian investors. This year, the dividend yield has been the best-performing strategy in long-short US blue-chip stock portfolios. Meanwhile, according to data compiled by Bloomberg, price target changes and earnings revisions topped the 10-year mark.

ITC’s gains have been significant in its quest for stability, driving the stock up more than 75% over the past year. The surge in investor attention marked a sea change from a few years ago when social media memes satirised the company’s stock as dull after years of stagnation and scrutiny in the global tobacco business.

ITC got a further boost from stronger-than-expected third-quarter earnings due to better cigarette business performance and a recovery in the hospitality sector.