The markets had factored in an 8-10% hike on cigarettes; besides, close to 50% of ITC's revenues now come from non-tobacco products
The stock was up 8% at Rs 319, rallied 19% from its 52-week low of Rs 268 touched on Monday in intra-day trade.
ACC, Ambuja Cements, Nestle India, Thermax and Tech Mahindra are from 73 stocks from BSE500 index hit 52-week lows.