ITC gains as fears of duty hike recede

Fri Jan 25, 2013 3:53pm IST

A man talks on his mobile phone as he walks past an ITC office building in Kolkata September 4, 2012. REUTERS/Rupak De Chowdhuri/Files

A man talks on his mobile phone as he walks past an ITC office building in Kolkata September 4, 2012.

Credit: Reuters/Rupak De Chowdhuri/Files

Related Topics

Stocks

   

Reuters Market Eye - Shares in ITC (ITC.NS) ended up 0.7 percent to 299.75 rupees, not far off a record high of 306.50 rupees hit on December 12, 2012, as investors see previous fears of a potential duty on cigarettes as having dragged down the stock excessively.

Shares in the cigarette maker fell 11.7 percent in December on fears of tougher regulations on tobacco products.

Buying in defensive stocks this week on nervousness ahead of the RBI policy review on Tuesday also seen helping.

ITC shares have risen 4.3 percent this week.

ITC last week beat estimates with a 21 percent rise in quarterly profit as cigarette volumes improved after four quarters of stagnant growth.

(Reporting by Abhishek Vishnoi)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

India-Nepal Ties

REUTERS SHOWCASE

Wipro Reaps Profit

Wipro Reaps Profit

Wipro Q1 profit up 30 pct on new contract wins   Full Article 

Monsoon Revives

Monsoon Revives

Monsoon revival keeps rain above average   Full Article 

Tackling Food Prices

Tackling Food Prices

India to free up extra 10 million tonne wheat in open market  Full Article 

Facebook Results

Facebook Results

Facebook beats Wall Street targets, stock hits record high  Full Article 

Struggling Economies

Struggling Economies

Asian economies to struggle on weak export demand - Reuters poll  Full Article 

Mining Roadblock

Mining Roadblock

Coal India's plans for 20 mines hit by land, environment delays  Full Article 

Power Jolt

Power Jolt

UAE's TAQA pulls out of India power plant deal with Jaiprakash  Full Article 

Factory Sector

Factory Sector

China July HSBC flash PMI at 18-month high of 52.0   Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage