ITC stock was seeing buying interest on February 1 as taxes on cigarette and other tobacco products were left untouched by Finance Minister Nirmala Sitharaman in her Budget for the year 2022-23.
As cigarette or tobacco business contributes more than 40 percent to the company’s revenue, the street always turns cautious on the scrip in the run-up to the Budget amid fear of an increased tax.
Sitharaman, however, didn’t make any changes in the taxes, which experts said was a positive for ITC.
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ITC was trading at Rs 225.80 on the BSE, up 2.59 percent, with a market capitalisation of Rs 2,78,247.39 crore.
ITC will release its financial results for the quarter ended December 2021 on February 3. It is also going to consider declaration of interim dividend for the financial year ending March 2022.
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Godfrey Phillips India also joined the rally, climbing 2.53 percent to Rs 1,141, with a market cap of Rs 5,932.51 crore.
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