ITC hits new high; gains 8% in two trading days

The stock was up 5% to Rs 300, extending its Friday's 3% gain on BSE

ITC gained as much as 5% to Rs 300, extending its Friday’s 3% gain on BSE, after the Goods and Services Tax (GST) Council has announced the tax rates for the various items.

The stock is trading at its highest level on BSE and on the National Stock Exchange (NSE). It was the largest gainer among the S&P BSE Sensex and Nifty 50 index at 09:52 am. A combined 8.74 million shares changed hands on the counter on BSE and NSE so far.

GST would replace Value Added Tax (VAT), while length based excise duty structure on cigarettes