Shares of cigarette companies are in focus with ITC rallying over 5% in morning deals, after the Goods and Services Tax (GST) Council on Thursday cleared a proposal to cap the cess on tobacco and cigarettes.
A stake sale by the government-owned SUUTI fired up the ITC scrip, which made a new all-time high of Rs 291.95 a piece in Tuesday’s trade. In fact, the stock has had a healthy run in the past one month on the back of multiple positive news flow.
ITC was up 3% to Rs 257 on BSE in intra-day trade, extending its 5% gain in the past two trading sessions, after the goods and service tax (GST) council has finalized four tax rate slabs ranging from 5% to 28%.
India's biggest cigarette maker ITC on Wednesday criticised the government's decision to impose bigger health warnings on cigarette packets, saying there was little evidence to link smoking to diseases depicted in those pictures.
Beating Street estimates, ITC posted a 10.5 per cent increase in its net profit at Rs 2,500 crore for the quarter ended September 30, on the back of higher profitability from its cigarette business and a narrowed-down from the non-cigarettes
Hope of a favourable monsoon that could keep inflation under check and nudge the Reserve Bank of India (RBI) to lower interest rates; and the excess cash in the hands of government employees on the back of 7th Pay Commission recommendations has seen
Investment bankers will be managing the Rs 60,000-crore share sale in companies including ITC, Axis Bank and Larsen & Toubro (L&T) by the government for a token amount of Rs 1, said four people with direct knowledge of the development.
Britannia Industries argued before a two-judge bench of the high court here against an order this Tuesday from a single judge, restraining the sale of its NutriChoice Digestive Zero biscuit in the present blue and yellow wrapper.
Britannia Industries Ltd moved a division bench of the Delhi High Court against a September 6, single-judge order, restraining the sale of its NutriChoice Zero digestive biscuit in its present blue and yellow wrapper.