Shares of ITC today rose six per cent on the bourses in the wake of GST rollout, helping the cigarette-maker to become the fourth firm to cross Rs 4 trillion in market capitalisation.
The finance ministry has removed additional excise duty on tobacco, pan masala and cigarettes with effect from July 1, following the implementation of the Goods and Services Tax (GST).
On NSE, the shares jumped 5.92 per cent to end the day at Rs 342.80. During the day, the stocks had rallied 9.62 per cent to touch 52-week high of Rs 354.80.
The shares surged 5.70 per cent on BSE to settle for the day at Rs 342.30. Intra-day, they touched a high of Rs 353.20.
Following an uptick in the counter, the market capitalisation of ITC rose to Rs 4,15,804.92 crore, leading to the firm joining the likes of TCS, RIL and HDFC Bank in the over Rs 4 trillion m-cap club.
During the day, 23.14 lakh shares of ITC changed hands on BSE and 4.70 crore scrips were traded on NSE.
The revenue department also "rescind" the central excise notification dated February 27, 2010, which deals with excise duty rate on unmanufactured tobacco and chewing tobacco.
Following the roll out of GST from July 1, the central excise notifications for tobacco, pan masala and cigarettes had to be brought in line with the new indirect tax regime.
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