The stock price of ITC Ltd surged on the back of bargain hunting propelling an upward
movement in the 30-share sensitive index (Sensex) of The Stock Exchange, Mumbai, (BSE).
On the BSE, the stock price of ITC Ltd
closed at Rs 676.65, surging 1.6 per cent as against its previous day’s close at Rs
665.35. A total number of 8,26,210 shares changed hands on the counter.
Dealers said that the rise in ITC on the
easing of concerns over the Government ban on tobacco products in tandem with the
legislation imposed on gutka and pan masala. Hopes are on the rise for tobacco stocks, as
cigarettes may not be hammered under the legislation, dealers added. Interest in the scrip
has also been generated following reports that the Unit Trust of India (UTI) may sell off
its 11.87 per cent stake in the company at a relatively high premium, dealers further
said.
