 "ITC extends fall on excise duty hike")
Shares of ITC were trading lower by 3% at Rs 350 on NSE in early morning trades, extending its previous day’s 8% fall, after the Finance Minister Arun Jaitley proposed raising taxes on cigarettes.
In his budget proposals, Jaitley raised excise duty on cigarettes by 25% for cigarettes of length not exceeding 65 mm, and by 15% for cigarettes of other lengths.
Meanwhile, the stock cut to ‘neutral’ vs ‘buy’ at Citigroup and at Motilal Oswal Securities, the Bloomberg report suggests.
The stock opened at Rs 358 and touched a low of Rs 349 on NSE. A combined 6.37 million shares changed hands on the counter on NSE and BSE till 0934 hours.
Among the other individual stocks, Godfrey Phillips India has dipped 4% to Rs 452, also its 52-week low on NSE, while VST Industries down 1% at Rs 1,660 on NSE.
In his budget proposals, Jaitley raised excise duty on cigarettes by 25% for cigarettes of length not exceeding 65 mm, and by 15% for cigarettes of other lengths.
Meanwhile, the stock cut to ‘neutral’ vs ‘buy’ at Citigroup and at Motilal Oswal Securities, the Bloomberg report suggests.
The stock opened at Rs 358 and touched a low of Rs 349 on NSE. A combined 6.37 million shares changed hands on the counter on NSE and BSE till 0934 hours.
Among the other individual stocks, Godfrey Phillips India has dipped 4% to Rs 452, also its 52-week low on NSE, while VST Industries down 1% at Rs 1,660 on NSE.
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