ITC gains 3% on heavy volumes

At 1149 hours, a combined 9.12 million shares changed hands against an average sub 6 million shares in past two weeks on NSE and BSE.

Shares of the country’s largest cigarette maker ITC is trading higher by 3% at Rs 367 on National Stock Exchange (NSE) in otherwise subdued market on back of heavy volumes.

The stock opened at Rs 356 and touched a high of Rs 368 on NSE so ar. At 1149 hours, a combined 9.12 million shares changed hands against an average sub 6 million shares that were traded daily in past two weeks on NSE and BSE.

Harsh Vardhan on Sunday replaced by senior Bharatiya Janata Party (BJP) leader Jagat Prakash Nadda as the union health minister.

The health department would now also be overlooked by an additional minister Sripad Yasso Naik. He will independently be responsible for Ayush (ayurveda, yoga and naturopathy, unani, siddhi and homeopathy) department.

Meanwhile, shares of ITC underperformed the market in post-poll rally. The stock declined 3.3% from Rs 368 on May 15 to Rs 356 till yesterday. The benchmark CNX Nifty rallied 16% during the same period. The stock touched a low of Rs 314 on June 23, 2014.