ITC fell 2.64% to Rs 351.70 at 9:41 IST on BSE, extending previous session's 8.27% slump triggered by Finance Minister Arun Jaitley raising excise duty on cigarettes in Union Budget 2015-16.
Meanwhile, the BSE Sensex was up 191.72 points, or 0.65%, to 29,553.22.
On BSE, so far 5.27 lakh shares were traded in the counter, compared with an average volume of 5.84 lakh shares in the past one quarter.
The stock hit a high of Rs 358.50 and a low of Rs 348.90 so far during the day. The stock hit a record high of Rs 409.70 on 28 February 2015. The stock hit a 52-week low of Rs 312.40 on 23 June 2014.
The stock had outperformed the market over the past one month till 28 February 2015, falling 0.32% compared with 0.67% fall in the Sensex. The scrip had, however, underperformed the market in past one quarter, falling 0.48% as against Sensex's 2.33% rise.
India's largest cigarettes maker by sales has an equity capital of Rs 800.56 crore. Face value per share is Re 1.
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Finance Minister Arun Jaitley presented Union Budget 2015-16 in the parliament on Saturday, 28 February 2015. Due to the Union Budget, a live trading session was conducted on the bourses that day, 28 February 2015, despite it being a Saturday. Trading began at 9:15 IST and concluded at 15:30 IST.
Shares of ITC slumped 8.27% to Rs 361.25 on Saturday, 28 February 2015. The stock has fallen 10.69% in two sessions from Rs 393.80 on Friday, 27 February 2015.
In the budget, he announced that to promote public health, excise duty on cigarettes is being increased by 25% for cigarettes of length not exceeding 65 mm and by 15% for cigarettes of other lengths. He also made similar increases in excise duties on cigars, cheroots and cigarillos. Excise levy on cigarettes and the compounded levy scheme applicable to pan masala, gutkha and other tobacco products also changed, he added.
ITC on 23 February 2015, announced that it was declared a successful bidder for Park Hyatt Hotel located at Cansaulim in Goa along with land and built up area of the hotel together with all buildings and structures and plant & machineries. The aforesaid assets of Blue Coast Hotels were put up on sale by IFCI through public auction under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, ITC said in a statement. IFCI has declared ITC as the successful bidder at the bid price of Rs 515.44 crore and ITC has remitted 25% of bid amount being Rs 128.86 crore as per the terms of the Tender Document. ITC is required to remit 75% of the balance amount within 15 days for the confirmation of sale, according to a separate announcement from IFCI.
ITC reported 10.5% rise in net profit to Rs 2635 crore on 2.1% growth in net sales to Rs 8800.22 crore in Q3 December 2014 over Q3 December 2013.
ITC has a diversified presence in cigarettes, hotels, paperboards & specialty papers, packaging, agri-business, packaged foods & confectionery, information technology, branded apparel, personal care, stationery and other FMCG products. ITC is a market leader in cigarettes.
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