ITC nears record high on raising cigarette prices

ITC has hiked cigarette prices across select brands to the tune of 15% to 20%.

ITC is trading higher by around 3% at Rs 309 on NSE on reports that the company has increased prices of some of its select cigarettes brands. The stock is currently trading nears to its lifetime high of Rs 311 touched in early February this year.

“ITC, the fast moving consumer goods company, has hiked cigarette prices across select brands to the tune of 15% to 20%, the Business Standard report suggests.

The price hikes come in the wake of increase in excise duty on cigarettes in the Union Budget and several states too have increased taxes, adds report.

The stock opened at Rs 300 and has seen a combined 5.97 million shares changing hands on the counter till late noon deals on NSE and BSE.