Tobacco stocks  Bounced Back Rising By Up To 3 Percent

Express News Global

updated: July 19,2019 16:35 IST

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New Delhi: Tobacco stocks today ricocheted back ascending by up to 3 for every penny on esteem purchasing, a day after a sharp dive in the wake of higher cess.

The supply of ITC made a positive opening and increased 2.56 for every penny to Rs. 291.90 on the BSE.

On the volume front, 14.98 lakh offers of the organization were exchanged on the BSE and more than two crore shares changed hands on the NSE amid the morning exchange.

Offers of Godfrey Phillips India went up by 2.62 for each penny to Rs. 1,188 and those of VST Industries ascended by 1.60 for every penny to Rs. 3,334.45.

Tobacco stocks yesterday took an extreme beating, driven by ITC that dove 15 for every penny in intra-day session, after the GST Council raised the cess on cigarettes. ITC later finished the day 12.63 for each penny bring down at Rs. 284.60.

Cigarette stocks were down in Monday’s exchanging session too.

The GST Council on Monday raised the cess on cigarettes to take away an expected Rs. 5,000 crore yearly “godsend” producers could have procured from bring down GST rates.