Earlier, Credit Suisse had said if the rise in excise duty is within 20 percent, then ITC is likely to deliver 16-20 percent earnings growth, and the stock will make up its underperformance to other consumer stocks.
Shares of ITC are up 1 percent on Thursday as Finance Minister Arun Jaitley has hiked excise duty on cigarettes by 11-72 percent. The hike seems to have already been factored in by investors, as health minister had earlier demanded for a 100 percent hike excise duty on cigarettes. However, most brokerages were positive that excise duty hike on cigarettes was unlikely. Earlier, Credit Suisse had said if the rise in excise duty is within 20 percent, then ITC is likely to deliver 16-20 percent earnings growth, and the stock will make up its underperformance to other consumer stocks. At 13:07 hrs ITC was quoting at Rs 344.70, up Rs 3.30, or 0.97 percent on the BSE.
Shares of ITC are up 1 percent on Thursday as Finance Minister Arun Jaitley has hiked excise duty on cigarettes by 11-72 percent. The hike seems to have already been factored in by investors, as health minister had earlier demanded for a 100 percent hike excise duty on cigarettes. However, most brokerages were positive that excise duty hike on cigarettes was unlikely. Earlier, Credit Suisse had said if the rise in excise duty is within 20 percent, then ITC is likely to deliver 16-20 percent earnings growth, and the stock will make up its underperformance to other consumer stocks. At 13:07 hrs ITC was quoting at Rs 344.70, up Rs 3.30, or 0.97 percent on the BSE.
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