ITC Limited, which is one of the largest manufacturers of cigarettes, remains in the limelight on the day of announcement of the Union Budget every year. Thereby, one may see a noticeable movement in ITC Limited, with the possibility of an increase in excise duties on cigarettes. As of now, in the last 5 years, there has been a 125 per cent cumulative hike in the duties. ITC has duly offset the hikes by introducing periodic price hikes, post an excise duty hike. However, the volumes have dropped. Going forward, Union Budget 2017 is expected to hike the rates moderately to 10 per cent. To add to it cigarette taxing under GST and licensing of non-cigarette tobacco products would be the key points to be discussed in the Budget. The stock of ITC has managed to recover in the previous session and has post two consecutive downbeats. ITC contributes a large portion to the movement of Nifty benchmark index. Hence, the stock movement will be keenly watched by the investors. The promoters holding in the company stood at 0 per cent while Institutions and Non-Institutions held 55.57 per cent and 44.22 per cent respectively. The stock is currently trading above its 200 DMA. ITC share price has remained positive in today’s trading session so far at 10.45 PM. The share was seen trading at Rs 260.40, up by 0.89 per cent or 2.30 points on the back of a mildly negative Nifty. The share price opened at Rs 260.00, approximately 2 points over its previous closing of Rs 258.10. The intraday high is Rs 258.10. A total of 31,03,971 shares of the company have been traded today for a total value Rs 8,061.32 lacs. Get the historical share price performance of ITC at ITC share price history page of Dynamic Levels website.
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