ITC declines on buzz of plan to increase prices of two of its cigarette brands

ITC Ltd. | Cigarettes/Tobacco | FMCG | BSE: 500875 | NSE: ITC

26 Dec 2016 Evaluate

ITC is currently trading at Rs 223.35, down by 1.45 points or 0.65% from its previous closing of Rs. 224.80 on the BSE.

The scrip opened at Rs. 224.35 and has touched a high and low of Rs. 224.85 and Rs. 222.05 respectively. So far 164994 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 266.00 on 08-Sep-2016 and a 52 week low of Rs. 178.67 on 29-Feb-2016.

Last one week high and low of the scrip stood at Rs. 230.35 and Rs. 222.05 respectively. The current market cap of the company is Rs. 269882.12 crore.

The Institutions and Non-Institutions held 55.78% and 43.99% respectively stake of the company.

ITC has reportedly initiated an over 14-15 percent price hike in its ‘Navy Cut’ and ‘Gold Flake’ brand of cigarettes. Both ‘Navy Cut’ and ‘Gold Flake’ (regular) are considered to be mid-market brands and were priced at Rs 78 for a packet of 10 sticks.

For the new ‘Navy Cut’ packets, the printed price is Rs 89 for 10 sticks of 74 mm. In the case of Gold Flake regular (which has a stick size of 69 mm), the maximum retail price has been revised to Rs 90 approximately.

ITC has business a interests in cigarettes, hotels, paperboards and specialty papers, packaging, agri-business, packaged foods and confectionery, information technology, branded apparel, personal care, stationery, safety matches and other FMCG products.