Tobacco stocks today made a comeback, ending the day with up to 2.4 per cent gains on value buying, a day after a sharp plunge in the wake of higher cess.
ITC rose by 2.42 per cent to settle at Rs 291.50 on the BSE. During the day, it gained 2.88 per cent to Rs 292.80.
The rally in the company's stock added Rs 8,391.66 crore to Rs 3,54,517.02 crore in its market valuation.
On the volume front, its 28.78 lakh shares were traded on the BSE and over 3 crore on the NSE during the day.
Shares of VST Industries gained 1.22 per cent to Rs 3,321.85 and those of Godfrey Phillips India ended 0.71 per cent higher at Rs 1,165.85.
Tobacco stocks yesterday took a severe beating, led by ITC, which plummeted 15 per cent intra-day, after the GST Council raised the cess on cigarettes. ITC later ended the day 12.63 per cent lower at Rs 284.60.
Cigarette stocks were down on Monday also.
The GST Council on Monday raised the cess on cigarettes to take away an estimated Rs 5,000 crore annual "windfall" manufacturers could have reaped from lower GST rates.
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