ITC stock up 2% on reports of hike in cigarette prices

ITC stock up 2% on reports of hike in cigarette prices

Shares of ITC gained 2% on the NSE in the morning session in today’s trade. As per media reports, the company has hiked cigarettes prices by 10-12%.

Finance Minister Nirmala Sitharaman said in the Union Budget 2020 that the government proposed to raise excise duty on tobacco and cigarettes.

The company has posted a 29% jump in its December quarter standalone net profit at Rs4,141.9cr. The revenue stood at Rs12,012cr, a growth of 5.1% yoy.

ITC Ltd is currently trading at Rs213.90, up by Rs3.2 or 1.52% from its previous closing of Rs210.70 on the BSE.

The scrip opened at Rs217 and has touched a high and low of Rs217 and Rs213.75 respectively. 

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