VST Industries moves higher after reporting Q2 results

VST Industries was up 4.73% to Rs 3,300 at 11:48 IST on BSE after the company reported Q2 September 2017 results after market hours yesterday, 31 October 2017.

Meanwhile, the S&P BSE Sensex was up 376.63 points or 1.13% at 33,589.76.

On the BSE, 384 shares were traded on the counter so far as against average daily volumes of 1,513 shares in the past two weeks. The stock had hit a high of Rs 3,319.85 and a low of Rs 3,270.60 so far during the day.

VST Industries' net profit rose 42.98% to Rs 44.01 crore on 55.95% decline in gross sales to Rs 239.34 crore in Q2 September 2017 over Q2 September 2016.

With the implementation of Goods and Services Tax (GST) with effect from 1 July 2017, the company's cigarette business is now subjected to GST and compensation cess in addition to central excise (currently only National Calamity Contingent Fund). Due to such restructuring of indirect taxes, the figures for gross sales (net of GST and compensation cess) and excise duty for Q2 September 2017 is not comparable with year ago period.

VST Industries' board approved appointment of Devraj Lahiri, the existing Deputy Managing Director, as the Managing Director of the company with date of appointment as 28 November 2017.

VST Industries' principal activities are manufacturing and selling cigarettes and unmanufactured tobacco.

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