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Cigarette shares surge over 7 pc on GST Council proposals

Press Trust of India  |  New Delhi 

of cigarette makers jumped over 7 per cent on the bourses today following Council's decision to cap cess on tobacco.

gained 7.55 per cent to settle at Rs 2,839.45 on It jumped 7.70 per cent on to end at Rs 2,839.50.

On BSE, closed at Rs 281.20, up 4.85 per cent from the previous close. On NSE, the scrip settled at Rs 280.25, up 4.40 per cent. Intra-day, surged 7.75 per cent to touch Rs 289 on At NSE, it soared 7.61 per cent to hit 288.90.

The stock of gained 1.04 per cent on and closed at Rs 1,298.50. On NSE, it ended at Rs 1,299, up 1.16 per cent from the previous close.

However, ended at Rs 78.20, down 1.45 per cent from the previous close on On NSE, it slipped 1.77 per cent to close at Rs 77.55.

The all powerful Council, headed by Minister and comprising state representatives, yesterday decided that the cess on tobacco products will be capped at a combination of Rs 4,170 per 1,000 sticks or ad valorem of 290 per cent in the new indirect tax regime that is scheduled to roll out from July 1.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, March 17 2017. 19:49 IST