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BSE   26 Oct 16 | 04:01 PM

238.90 0.15 (0.06%)
Mkt Price (Rs)   Chg Rs (Chg %)
Code: 500875
Face Value: N.A.

NSE   26 Oct 16 | 03:59 PM

238.75 0 (0%)
Mkt Price (Rs)   Chg Rs (Chg %)
Code: ITC
1 Week : Rs 239.30 (-0.17%)
1 Month : Rs 245.80 (-2.81%)
1 Year : Rs 237.20 (0.72%)
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ITC extends fall post UP government tax hike

SI Reporter / Mumbai 03 Jul 12 | 02:52 PM

ITC is trading lower by 1.3% at Rs 246.85, extending its Monday’s 3.4% fall, after the Uttar Pradesh (UP) government decided to increase taxes on tobacco products from 12.5% to 50%. The state contributes around 5% to ITC’s revenue from cigarette sales.

“ITC may increase the price of cigarettes by 2% to mitigate the impact of value added tax (VAT) announced by Uttar Pradesh government," said Manoj Menon of Kotak Institutional Equities, while talking to TV channel.

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The stock opened at Rs 250 and hit a low of Rs 246 on the National Stock Exchange. A combined 8.93 million shares have changed hands on the counter so far on both the exchanges.


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