India News
Search Web Directory
News Home
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   

Other Latest News
Sourav Ganguly set to take over as BCCI president
Posted on 14th October 2019
The Board of Control for Cricket in India is for the first time in its 91-year history poised to have a former India captain as its president when the much delayed annual general meeting takes place in Mumbai on October 23.

According to The Telegraph’s sources, Sourav Ganguly is set to become the board chief following high drama at the Trident in Mumbai on Sunday evening.

ICICI Bank’s new FD scheme: Fixed deposit with critical illness insurance cover
Posted on 14th October 2019
Private sector lender ICICI Bank today launched of FD Health, a fixed deposit (FD) offering the dual-benefit of investment growth via FD and protection through a critical illness coverage. For investors in FD Health, ICICI Bank will offer the insurance cover free of cost for the first year and thereafter, they can renew it.

Yes Bank, Indiabulls Housing are different peas stuck in same pod
Posted on 14th October 2019
A year ago, before the liquidity crunch manifested for non-banking financial companies (NBFCs), Yes Bank Ltd’s market capitalization was 1.5 times that of Indiabulls Housing Finance Ltd. Today, that difference has narrowed quite a bit as the adjoining chart shows.

Both the lenders have seen a massive erosion in their market value, but Yes Bank’s pain has been deeper.

As capacity additions gather steam, fuel supply concerns emerge at NTPC
Posted on 14th October 2019
Over the past month, shares of NTPC Ltd have remained powerless, down about 7%. The company said last week that it added 1,320 megawatts (MW), which takes it closer to its annual capacity target of 5,000MW. The capacity additions augur well, though, and the firm’s regulated business model assures a fixed return on invested equity.

Sensex, Nifty a tad higher as demand slowdown concerns kept gains in check
Posted on 14th October 2019
Mumbai: After a volatile opening, Indian markets on Monday rose nearly 0.5% led by gains in energy, auto and banking stocks. Sentiments were also improved after signs of progress in US-China trade negotiations.

At 12.12 pm, the benchmark Sensex Index rose 0.5% to 38306.29 points while Nifty advanced 0.5% to 11361.60 points.

» Post a FREE Classified Advertisement
Inviting Real Estate Agents, Job Placements Agents, Educational Institutes, Software Service Providers, Real Estate Builders, Marriage Bureaus, Travel Agents, Restaurant Owners, Health & Fitness Centers and other Local Businesses to Post a FREE Classified Advertisement on Classifieds Website.
Jobs in India India Real Estate Automobiles Matrimonials Beauty & Fitness

Add a comment for ITC shares up 9% as no cess on cigarettes was increased
Please only use this form to enter comments on the above company. All comments are reviewed before they are displayed on the web site. Not all comments may be displayed. Check back with us to see if your comments have been displayed.
If you want us to email the comments posted by users, please Subscribe by email
Security Code*

Be the first person to write a business review for ITC shares up 9% as no cess on cigarettes was increased

Most Read News

Rupee slips 8 paise vs US dollar in early trade amid drop in oil prices

PMC Bank Crisis: Gurdwaras face severe fund crunch before Gurpurab, over Rs 1000 crore deposit locked in accounts

Daimler recalls hundreds of thousands of Mercedes-Benz diesel vehicles

HSBC plans to slash 10,000 more jobs in cost-cutting drive: Report

Soon flying taxis to arrive in Singapore to test cleaner, quieter sky ride

More India News

  India Web Directory
Business Profiles
Automotive Directory
IT/ITES/BPO Directory
Hotel Directory
Health Directory
Business Directory
Gems & Jewellery
Education Directory
Real Estate Directory
Agriculture Directory
Logistics Directory
Yellow Pages
NRI Guide
Photo Galleries
Global Web Directory
*** FREE India Classifieds
Order Premium Listings
Submit a Site
Business Reviews
About us
Link to us
Contact us
Google Search Keywords: India Catalog, IndiaCatalog, India Web Directory
    © 1999 - 2019
    All Rights Reserved
Privacy Statement