Court relief fuels ITC gains once again

DALAL STREET SPIKES

ITC continues to surge following the favourable Supreme Court judgement. The stock for the second consecutive day attracted fresh buying as the stock surged over 2 per cent to Friday's close of Rs 1,104.45.

The counter witnessed strong volume of more than 4.92 lakh shares following the Supreme Court's ruling in favour of the company over an excise duty dispute yesterday.

The stock had climbed 3.5 per cent to Rs 1,080.05 on Thursday after the Supreme Court delivered its judgement on the excise duty row giving ITC a relief of Rs 800 crore. With the excise dispute now over, ITC will get a refund of Rs 350 crore.