ITC extends rally, up 9% in a week; company to announce results on Thursday

Shares of ITC were up 2 per cent at Rs 233.20 in Wednesday’s intra-day trade, gaining as much as 6 per cent in the last two trading sessions, after the government in the Budget 2022 proposals left excise duty on cigarettes untouched. The stable taxation on cigarettes can aid volume growth for cigarette companies, which have been one of most unsettled industry from Covid related disruptions.

The stock of cigarette to fast moving consumer goods (FMCG) major quoted higher for the sixth straight trading session. In the past one week, the stock has outperformed the market by surging 9