![ITC stocks gain, shares rise over 8% in two days](https://media.newstracklive.com/uploads/business-news/stock-market/Feb/02/big_thumb/beedi-l-reuters_5892dca8c6b23.jpg)
On Thursday, the government proposed expected excise duty on cigarette hike of 6 per cent across all lengths in the budget, the share of cigarette maker ITC jumped as much as 4 per cent.
Including today ITC share gain over 8 per cent .The government's proposal to hike excise duty on cigarettes by 6 per cent is the lowest in last six years, say, analysts, who were expecting 10-12 per cent hike in excise duty on cigarettes.
Commenting on the Budget's proposal on excise duty hike, Credit Suisse said "best case scenario has played out for ITC" and it is a "clear winner from the Budget".
ITC's December quarter net profit grew a marginal 5.71 per cent to Rs. 2,647 crore as demand slowdown following demonetisation impacted its sales. Its revenue from operations grew 4.69 per cent to Rs. 13,570 crore in October to December quarter, as against Rs. 12,962 crore in the previous fiscal.
ITC shares traded 3.26 per cent higher at Rs. 278.50 on National Stock Exchange compared to a 0.03 per cent gain in its benchmark index Nifty.
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