Cigarettes-to-hotels-FMCG (fast moving consumer goods) major ITC Limited's stock shot up nearly 10 per cent to a record high, and was the top percentage gainer on the broader NSE index on Monday. Only national calamity duty continues under the GST regime for cigarettes, CBEC clarified. The ITC stock in Monday's trade hit a 52-week high of Rs 354.80, gaining 9.62 per cent, outperforming the broader Nifty and the Sensex Over 60 per cent of ITC's revenues come from its cigarettes business. Analysts believe the scrapping of excise duty can give ITC the scope to roll out low cost cigarette models and gain further market share. ITC is already the market leader in cigarettes with a share of nearly 80 per cent.Under the GST regime, cigarettes have been put in the highest tax slab of 28 per cent.

Source: Times of India July 03, 2017 05:58 UTC