Post Budget cheer: ITC jumps to 7-week high, gains 3.5% on heavy volumes

The stock had corrected 20 per cent from its 52-week high of Rs 265.30 touched on October 10, 2021, amid fears of higher taxes.

Shares of cigarette to fast moving consumer goods (FMCG) major ITC hit a seven-week high of Rs 228.80, up 4 per cent on the BSE in Tuesday’s intra-day trade on back of heavy volumes as no announcement with regards to hike in taxes were proposed in the Budget 2022.

The stock traded at its highest level since December 15, 2021.  The stock finally ended  3.5 per cent higher at Rs 227.70, as compared to 1.5 per cent rally in the S&P BSE Sensex. The counter witnessed huge trading volumes, with a combined 44.65 million equity shares changing hands on