| Budget impact:Marico, ITC lead FMCG stocks rally | |
| BS Reporter / Mumbai July 7, 2009, 16:00 IST | |
The BSE FMCG index finally gained nearly 4% to 2,401.
Among the FMCG stocks, Marico zoomed 12.5% to Rs 80.
ITC soared nearly 7% to Rs 211.
United Spirits and Britannia Industries advanced 4.5% each to Rs 870 and Rs 1,640, respectively.
Nestle and Colgate Palmolive gained nearly 3% each to Rs 1,990 and Rs 624, respectively.
Tata Tea and Dabur were up 1% each at Rs 715 and Rs Rs 130, respectively.
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(Updated at 1152 hrs)
The BSE FMCG index has gained smartly in today's trade.
The government's decision to abolish the Fringe Benefit Tax (FBT) and no reversal in excise duty cuts has gone down well with the investors. The sector has also benefitted on hopes of implementation of Goods Service Tax from next year.
The index today opened at 2,333 after ending flat on Budget day. It gained 6% to a high of 2,455, and is now up nearly 5% at 2,426.
Among the FMCG stocks Marico and ITC are the biggest gainers. Marico has added 7.3% to Rs 77. ITC has surged 7% to Rs 212, after no change in excise cuts on cigarettes were announced yesterday.
Hindustan Unilever has advanced 2.5% to Rs 283.
Godrej Consumer, United Spirits and Nestle has added 3-4% each to Rs 170, Rs 866 and Rs 2,000 respectively.
Colgate Palmolive, Tata Tea, Britannia and Dabur India have also moved up.
Also read: Banking on aam aadmi
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