ITC, BASF, Avanti Feeds hit new high
ICICI Pru, Grasim Industries and Aditya Birla Nuvo from the S&P BSE 500 index hit new highs.
 "ITC, BASF, Avanti Feeds hit new high")
premium
ITC, BASF, Avanti Feeds, ICICI Prudential Life Insurance, Grasim Industries and Aditya Birla Nuvo from the S&P BSE 500 index hitting their respective record highs on BSE in intra-day trade on Friday.
ITC has moved higher to its new high of Rs 324, up 4% on BSE on back of heavy volumes. Till 02:44 pm; a combined 19.21 million shares have changed hands, as compared to an average sub 10 million shares that were traded daily in past two weeks on BSE and NSE.
According analysts at Spark Capital the recently announced Goods & Service Tax (GST) rate on cigarettes is broadly revenue neutral.
“With the ambiguity over the GST rate on cigarettes being cleared, we believe ITC provides an attractive investment opportunity given the current valuations of the stock in comparison to its consumption peers,” the brokerage firm said in Q4FY17 update.
“Fifth consecutive quarter of non?negative cigarette volume growth and no negative surprise in GST rate reaffirms our confidence of sustenance of cigarette volumes,” analysts at Edelweiss Securities said in result update.
“With per capita consumption 1/18th China’s, cigarette opportunity in India remains attractive. Though illegal cigarettes are a big menace (one?fifth of overall cigarette industry in India), GST implementation will mitigate the impact,” added report.
Shares of Kumar Mangalam Birla – promoted Aditya Birla Group companies, Grasim Industries (up 4% at Rs 1,267) and Aditya Birla Nuvo (up 4% at Rs 1,893) continued their upward movement hitting their respective record highs in intra-day trade on Friday, ahead of the scheme of amalgamation.
ITC has moved higher to its new high of Rs 324, up 4% on BSE on back of heavy volumes. Till 02:44 pm; a combined 19.21 million shares have changed hands, as compared to an average sub 10 million shares that were traded daily in past two weeks on BSE and NSE.
According analysts at Spark Capital the recently announced Goods & Service Tax (GST) rate on cigarettes is broadly revenue neutral.
“With the ambiguity over the GST rate on cigarettes being cleared, we believe ITC provides an attractive investment opportunity given the current valuations of the stock in comparison to its consumption peers,” the brokerage firm said in Q4FY17 update.
“Fifth consecutive quarter of non?negative cigarette volume growth and no negative surprise in GST rate reaffirms our confidence of sustenance of cigarette volumes,” analysts at Edelweiss Securities said in result update.
“With per capita consumption 1/18th China’s, cigarette opportunity in India remains attractive. Though illegal cigarettes are a big menace (one?fifth of overall cigarette industry in India), GST implementation will mitigate the impact,” added report.
Shares of Kumar Mangalam Birla – promoted Aditya Birla Group companies, Grasim Industries (up 4% at Rs 1,267) and Aditya Birla Nuvo (up 4% at Rs 1,893) continued their upward movement hitting their respective record highs in intra-day trade on Friday, ahead of the scheme of amalgamation.
| COMPANY | LATEST | ALL TIME HIGH | PREV HIGH | PREV DATE |
| ADITYA BIR. NUV. | 1859.50 | 1893.00 | 1834.00 | 29-Jun-17 |
| AVANTI FEEDS | 1501.15 | 1540.00 | 1460.05 | 05-Jun-17 |
| BASF INDIA | 1771.20 | 1809.85 | 1728.30 | 19-Jun-17 |
| GRASIM INDS | 1245.05 | 1266.75 | 1236.60 | 05-May-17 |
| ICICI PRU LIFE | 473.40 | 484.75 | 475.00 | 29-Jun-17 |
| ITC | 323.00 | 323.80 | 319.90 | 29-May-17 |
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%