Thursday, February 22nd, 2024

Budget 2023: Cigarettes became costlier in the budget, here the shares of ITC and Godfrey Phillips boomed


Highlights:

Shares of Godfrey Phillips declined by 4.92 percent.
ITC also registered a decline during this period and the company’s shares fell by 0.78 percent.
NTC Industries declined by 1.4% and VST Industries by 0.35%.

New Delhi. During Budget 2023, the Finance Minister announced to increase the tax on cigarettes. With this announcement, the shares of cigarette companies fell by 5 percent in the Bombay Stock Exchange. According to the information, there has been a huge decline in the shares of Godfrey Phillips and ITC. During her budget speech, Finance Minister Nirmala Sitharaman increased the tax on cigarettes by 16 percent.

After this announcement, the shares of Godfrey Phillips fell by 4.92 percent, after which the share price came down to 1828.75. On the other hand, the share price of Gold Tobacco fell by 3.81 percent to 59.4 percent. ITC also registered a decline during this period and the company’s shares fell 0.78 percent to Rs 349. On the other hand, NTC Industries declined by 1.4 percent and VST Industries by 0.35 percent.

read this also: Share Market Live: Stock market salute to the budget, Sensex jumped 1058 points

On the other hand, there has been a boom in the market. There is rally in both Sensex and Nifty index. The Finance Minister announced to promote tourism under mission mode. After this news, there has been a strong rise in hotel stocks. Around 12.37 pm, the Sensex is trading at a level of 60607.64 with a gain of 1,057.74 points i.e. 1.78 per cent. On the other hand, Nifty is seen at the level of 17946.30 with an increase of 284.10 points i.e. 1.61 percent.

sensex up 500 points
Nifty is trading around 17800. Around 12 o’clock, the Sensex is trading at the level of 60056.22 with a gain of 506.32 points i.e. 0.85 percent. At the same time, Nifty is trading at the level of 17795.50 with a gain of 133.30 points i.e. 0.75 percent.

read this also: Income Tax 2023 Budget: 5 big announcements on income tax, tax will not be applicable till 7 lakhs, how much your tax will change

At the same time, there has been a slight decline in the prices of gold. The price of 22 carat gold has reached Rs 52,500 per ten grams in the bullion market on Wednesday. According to the GoodReturns website, earlier, as soon as the market opened, a drop of Rs 150 per ten grams was seen in the price of gold.

Tags: Budget, business news, cigarettes, Finance Minister Nirmala Sitharaman

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