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Tobacco stocks spare some gains after strong upmove

© Provided by The Rahnuma Daily

Cigarette companies’ shares posted strong gains today, riding on the GST Council’s proposal to cap the cess on tobacco and cigarettes.The cap on cess on tobacco and cigarettes will be 290% or Rs 4170 per 1000 cigarette sticks, or a combination of both, indicate reports. ITC, which is also an index heavyweight, is up 5% at Rs 282, after having rallied to Rs 289 earlier. The stock has gained on strong volumes today, with the counter on BSE recording nearly 4 times the average daily volume.Godfrey Philips, which zoomed to Rs 1345.50, gaining nearly 5%, is now up 1% at Rs 1297.VST Industries, which spurted to Rs 2934, a new high, is now up 7% at Rs 2827. However, Golden Tobacco is trading nearly 3% down at Rs 77, coming off the day’s high of Rs 83.30.

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