Budget 2024: ITC, Tata Consumer, HUL shares defied market crash today, here's why
Budget 2024: Shares of FMCG firms ITC, Tata Consumer and Hindustan Unilever were the top Nifty gainers rising up to 5%. Shares of conglomerate ITC gained 5.02% to Rs 489.90 on BSE. Market cap of the firm climbed to Rs 6.02 lakh crore.
- Jul 23, 2024,
- Updated Jul 23, 2024 2:24 PM IST
Shares of FMCG companies such as ITC, Tata Consumer and Hindustan Unilever led the recovery in stock market after finance minister Nirmala Sitharaman proposed Rs 1.52 lakh crore for agri and allied sectors in FY25. These FMCG stocks held their ground amid the market crash after the FM announced a hike in both long-term and short-term capital gains tax to 12.5% and 20%, respectively. Sensex slumped over 1,150 points while the NSE barometer Nifty hit the sub-24,150 level after the announcement.
The 30-pack Sensex was down 1,178 points or 1.46 per cent at 79,324 and Nifty was down 382 points or 1.56 per cent at 24,127.
Over the next two years, 10 million farmers will be introduced to natural farming practices, added the FM. The spending on agriculture sector is set to spur demand for FMCG goods in the rural areas, said analysts. Shares of FMCG firms ITC, Tata Consumer and Hindustan Unilever were the top Nifty gainers rising up to 5%.
Shares of conglomerate ITC gained 5.02% to Rs 489.90 on BSE. Market cap of the firm climbed to Rs 6.02 lakh crore.
Similarly, shares of HUL gained 2.32% to their record high of Rs 2808.85. HUL's market cap rose to Rs 6.56 lakh crore. Tata Consumer Products stock climbed 4.02% to Rs 1251. Market cap of the firm rose to Rs 1.18 lakh crore.
According to JM Financial, the government was likely to announce a tax cut, expansion in tax slab or an increase in limit for tax-saving investments under Sec 80C to raise disposable income. It expected that Dabur, HUL, Godrej Consumer and Nestle shares will be affected by such move.
Shares of FMCG companies such as ITC, Tata Consumer and Hindustan Unilever led the recovery in stock market after finance minister Nirmala Sitharaman proposed Rs 1.52 lakh crore for agri and allied sectors in FY25. These FMCG stocks held their ground amid the market crash after the FM announced a hike in both long-term and short-term capital gains tax to 12.5% and 20%, respectively. Sensex slumped over 1,150 points while the NSE barometer Nifty hit the sub-24,150 level after the announcement.
The 30-pack Sensex was down 1,178 points or 1.46 per cent at 79,324 and Nifty was down 382 points or 1.56 per cent at 24,127.
Over the next two years, 10 million farmers will be introduced to natural farming practices, added the FM. The spending on agriculture sector is set to spur demand for FMCG goods in the rural areas, said analysts. Shares of FMCG firms ITC, Tata Consumer and Hindustan Unilever were the top Nifty gainers rising up to 5%.
Shares of conglomerate ITC gained 5.02% to Rs 489.90 on BSE. Market cap of the firm climbed to Rs 6.02 lakh crore.
Similarly, shares of HUL gained 2.32% to their record high of Rs 2808.85. HUL's market cap rose to Rs 6.56 lakh crore. Tata Consumer Products stock climbed 4.02% to Rs 1251. Market cap of the firm rose to Rs 1.18 lakh crore.
According to JM Financial, the government was likely to announce a tax cut, expansion in tax slab or an increase in limit for tax-saving investments under Sec 80C to raise disposable income. It expected that Dabur, HUL, Godrej Consumer and Nestle shares will be affected by such move.