Meanwhile, the S&P BSE Sensex was up 93.12 points or 0.36% at 25,731.23
On BSE, so far 88,535 shares were traded in the counter as against average daily volume of 4.62 lakh shares in the past one quarter.
The stock hit a high of Rs 336.05 and a low of Rs 329.95 so far during the day. The stock had hit a 52-week low of Rs 294.50 on 15 June 2015. The stock had hit a record high of Rs 409.70 on 28 February 2015.
The stock had outperformed the market over the past one month till 4 December 2015, rising 0.01% compared with 3.45% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 6.05% as against Sensex’s 1.73% rise.
The large-cap cigarette maker has equity capital of Rs 803.24 crore. Face value per share is Re 1.
A committee headed by the Chief Economic Adviser Dr. Arvind Subramanian on Possible Tax rates under goods and services tax (GST) submitted its report to the Finance Minister on Friday, 4 December 2015. The committee said that is now growing international practice to levy sin/demerit ratesin the form of excises outside the scope of the GST–on goods and services that create negative externalities for the economy. As currently envisaged, such demerit ratesother than for alcohol and petroleum (for the states) and tobacco and petroleum (for the Centre)will have to be provided for within the structure of the GST, the committee said in a report. The foregone flexibility for the center and the states is balanced by the greater scrutiny that will be required because such taxes have to be done within the GST context and hence subject to discussions in the GST Council, the report indicated. Accordingly, the committee recommended that sin/demerit rate be fixed at about 40% (Centre plus states) and apply to tobacco and tobacco products (for the states).
ITC’s net profit rose 0.3% to Rs 2431.25 crore on 1.4% decline in net sales to Rs 8804.70 crore in Q2 September 2015 over Q2 September 2014.
ITC is a diversified company, with presence in cigarettes, hotels, paperboards & specialty papers, packaging, agri-business, packaged foods & confectionery, information technology, branded apparel, personal care, stationery and other FMCG products. ITC is a market leader in cigarettes.