ITC share price gains 3% on cigarettes price hike

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ITC share price gained 3 percent in early trade on February 11 after the company hiked prices of cigarettes by 10-12 percent.

The company has hiked prices across various lengths of cigarettes by 10-12 percent, sources privy to the matter told CNBC-TV18.

While presenting Union Budget 2020, Finance Minister Nirmala Sitharaman said the government proposed to raise excise duty on tobacco and cigarettes.

The company registered a massive 29.07 percent year-on-year growth in Q3FY20 profit at Rs 4,141.9 crore versus Rs 3,209.1 crore in the corresponding period of the last fiscal.

Revenue growth of 5.1 percent YoY at Rs 12,103 crore for the quarter was also ahead of analyst estimates.

At the operating level, earnings before interest, tax, depreciation and amortisation (EBITDA) grew by 6.6 percent to Rs 4,612.6 crore and margin expanded by 60bps to 38.4 percent in the quarter ended December 2019 YoY, missing analyst expectations.

At 09:24 hrs ITC, was quoting at Rs 215.10, up Rs 4.40, or 2.09 percent on the BSE.