July 3, 2017 / 5:12 AM / 3 months ago

BUZZ-India's ITC hits record high; may benefit from GST

** ITC Ltd jumps as much as 9.6 pct to a record high; stock top pct gainer on the broader NSE index

** Shares rise as taxation for cigarettes under the new good and services tax (GST) is around 5-6 pct lower than the previous tax structure, an analyst at Reliance Securities says

** The government’s lower tax structure is aimed at tackling large smuggling of cigarettes - analyst

** The stock drives Nifty FMCG index up as much as 5.7 pct to an all-time high

** Other cigarette stocks VST Industries Ltd, Godfrey Phillips India, and Kothari Products Ltd rise as much as 8.63 pct, 5.51 pct, and 3.2 pct respectively

** Up to Friday’s close, ITC stock up 33.9 pct this year, compared against a 23.8 pct rise in the Nifty FMCG index

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