ITC shares hit record high on excise duty hike on cigarettes
Shares of cigarette manufacturer ITC hit an all-time high on Thursday after Finance Minister Arun Jaitley announced lower-than-expected excise duty hike on cigarettes in the budget on Wednesday. The company's stock gained as much as 3.8% on Thursday. According to the budget, tobacco-related products like cigars, cheroots, pan masala, and cigarettes will now cost more.