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GST effect: ITC leads tobacco stocks rally on tax rate cut

The stock of cigarettes-hotel (FMCG) major ITC rose nearly 10 percent and was the top percentage gainer on the NSE.

BT Online        Last Updated: July 4, 2017  | 13:15 IST
GST effect: ITC leads tobacco stocks rally on tax rate cut

Tobacco stocks rose to their record highs on Monday on the back of taxation for cigarettes under the new goods and services tax (GST) regime falling by 5-6 per cent.

The stock of cigarettes-hotel (FMCG) major ITC rose nearly 10 percent and was the top percentage gainer on the NSE.

The stock rose 6 per cent or 19 points on the BSE to reach 343 level. It closed 5.70 percent or 18 points higher at 342 level on the BSE. 

The stock of Modi Group firm Godfrey Phillips was trading 2.5 percent or 30 points higher at 1,290 level on the BSE. It closed 1.93 percent or 24.25 points higher at Rs 1283.75 on the BSE.

Godfrey Phillips deals in the domestic cigarette industry.

The stock of Hyderabad-based VST Industries too surged on the back of reduced taxation on cigarettes.

The stock rose almost 3.53 percent or 126 points to 3718 level on the BSE. The stock closed 3.97 percent or 142 points higher at 3733 level on the BSE. 

The Sensex rose 300 points higher at 31,221 level. The Nifty too surged 94.10  points to 9615 level.

 

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