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ITC shares up 9% as no cess on cigarettes was increased
Posted on 23rd September 2019
Mumbai: Shares of ITC Ltd on Monday surged over 9%, its biggest jump since March 2016, after the GST Council meeting did not announce any increase in cess on cigarettes.

The stock touched a high of ₹260.30 on the BSE and gained as much as 9.3%, its maximum gain since March 2016. At 9.40 am, the scrip was trading at ₹256.30, up 7.6% from its previous close. The stock’s market cap increased by nearly $3.66 billion.

Rivals, Godfrey Phillips India rose 2.56%, VST Industries gained 4.46% and Golden Tobacco advanced 4.3%

"No increase in cess and e-cigarettes ban announced earlier in the week is a big positive for ITC," said Jefferies India in a 23 September note.

"We now see a high probability of no cess hike in FY20, which would mark a second consecutive year of stable and rational taxation, which is helping recoup lost volumes from the illicit segment," Jefferies India added.

On 9 September, the government banned electronic cigarettes amid growing fears over the health risks posed by vaping. The government, on Wednesday, made manufacture, import, sale, distribution and advertisements of e-cigarettes a cognizable offence.

According to Jefferies India ban is also positive for ITC as e-cigarettes would potentially have resulted in a loss of market share in the medium term.

Given the sharp de-rating in line with global tobacco companies over the past couple of years and “the stock trading below -1 std dev valuation, the risk-reward seems attractive given an earnings boost of ~12% with the lower corp tax rate," the brokerage firm added.

Related Companies: ITC Limited   

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China delaying permission to India for sending plane to Wuhan: Official
Posted on 22nd February 2020

China is delaying grant of clearance to India's proposal to send an Indian Air Force plane to carry relief material for people affected by coronavirus in the neighbouring country and bring back Indians from its city of Wuhan, official sources said on Saturday.

India was to send a C-17 military transport aircraft to Wuhan, the epicentre of the coronavirus outbreak, on February 20 but the plane could not take off as permission was not granted.

Centre pays Rs 50,850 crore to farmers under PM-KISAN scheme
Posted on 22nd February 2020

The Centre on Saturday said it has disbursed Rs 50,850 crore to farmers so far under its landmark scheme PM-KISAN, enabling them to meet farm input cost and household expenses.

The agriculture ministry shared the progress made under the scheme, ahead of its first anniversary on February 24.

The PM-KISAN was formally launched on February 24 last year by Prime Minister Narendra Modi at Gorakhpur, Uttar Pradesh.

Technology will help deliver speedy justice: PM Modi at International Judicial Conference
Posted on 22nd February 2020

Prime Minister Narendra Modi on Saturday said that the synergy technology and human conscience will result in a speedy justice system in India and the Centre has made efforts to connect every court of the country to the e-court Integrated Mission Mode Project.

The establishment of National Judicial Data Grid will also make court procedures easier, he said.

After merger approval with Indus, Bharti Infratel board to meet on Feb 24
Posted on 22nd February 2020

Bharti Infratel on Saturday said its board will meet on February 24 to chart out the future course of action following the telecom department's approval for merger with Indus Towers.

The combination of Bharti Infratel and Indus Towers will create a pan-India tower company with over 163,000 towers, operating across all 22 telecom service areas. The combined entity will be the largest tower company in the world outside China.

Arvind Kejriwal, Manish Sisodia barred from attending Melania Trump's Delhi govt school visit: AAP
Posted on 22nd February 2020

In a bizarre turn of events, Delhi Chief Minister Arvind Kejriwal and Deputy Chief Minister Manish Sisodia have reportedly been barred from attending the event at a Delhi Government school where First Lady of the United States Melania Trump is scheduled to visit next week.

Delhi Government sources claimed that Kejriwal and Sisodia were dropped from the school event, even though were earlier set to attend the programme since the school comes under the Delhi government.

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