ITC rose 1.84% to Rs 293.80 at 12:45 IST on BSE on reports that the cigarette major has hiked select product prices following GST Council announcing hike in cess to pre-GST level.
Meanwhile, the S&P BSE Sensex was up 218.07 points or 0.68% at 32,246.96On the BSE, 7.19 lakh shares were traded on the counter so far as against the average daily volumes of 12.90 lakh shares in the past one quarter. The stock had hit a high of Rs 295.35 and a low of Rs 288.35 so far during the day. The stock had hit a record high of Rs 353.20 on 3 July 2017. The stock had hit a 52-week low of Rs 222.05 on 26 December 2016.
The stock had underperformed the market over the past one month till 21 July 2017, sliding 7.15% compared with 2.38% rise in the Sensex. The scrip also underperformed the market in past one quarter, rising 5.16% as against Sensex's 9.07% rise. The scrip, however, outperformed the market in past one year, gaining 15.61% as against Sensex's 15.58% rise.
The large-cap company has equity capital of Rs 1216.18 crore. Face value per share is Rs 1.
ITC has reportedly increased cigarette prices of its three brands effective 18 July 2017. It has hiked Gold Flake Kings and Classic Rich prices to Rs 300 per 20 pack each while Navy Cut Filter price increased to Rs 188 per 20 pack, reports suggested.
It may be recalled that the Goods & Services Tax (GST) Council in its meet on 17 July 2017, reviewed the compensation cess rates on cigarettes and recommended the increase in the same with effect from 18 July 2017. For non filter cigarettes hike in cess ranged from Rs 485 to Rs 792 per thousand cigarettes while for filter cigarettes increase was in the range of Rs 485 to Rs 792 per thousand cigarettes.
ITC's net profit rose 12.13% to Rs 2669.47 crore on 14.03% growth in net sales to Rs 11125.54 crore in Q4 March 2017 over Q4 March 2016.
ITC is a diversified company, with 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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