Budget 2023: ITC plunges 6% as NCCD on cigarettes hiked sharply by 16%
The government left this duty untouched for 2 years. In the Budget for FY21, the NCCD was raised by 2-4 times across cigarette stick sizes, resulting in tax hikes of 9-15%.
Buy VST Industries, target price Rs 4026: Centrum Broking
Further, rising input RM/PM could weigh high on margins in Q4 in our view. Considering weaker Q3, the brokerage slashes its earnings and retain BUY rating, with a revised DCF-based TP Rs4,026 (implying 18.3x avg. FY24E/FY25E EPS).
Most astute speculator, wisest investor: Fund manager after meeting Radhakishan Damani
The ace investor has picked stakes in three new companies 3M India, Andhra Paper, and United Breweries during the December quarter, while he reduced positions in Blue Dart Express, BF Utilities and VST Industries.
Not out of the woods! Why this RK Damani stock is still below its pre-Covid levels
The company also operates under the names Total, Charms, Charminar, Editions, Special, and Moments, which make it the second-largest cigarette manufacturing company in India.
Radhakishan Damani portfolio stocks drop over 8% in intraday trade
On the other hand, shares of India Cements were 5.35 per cent lower at Rs 239.90 over its last days closing of Rs 253.45 a piece. The stock has risen nearly 23 per cent in the past year while it has fallen about 17 per cent in the last week.
Radhakishan Damani's wealth jumps 280% in 5 years, turns 5th richest Indian billionaire
With a wealth of Rs 1.75 lakh crore, the 67-year-old Mumbai-based business magnate moved up two ranks to take the fifth spot in the rich list which is dominated by Gautam Adani and Mukesh Ambani. In the last five years, the wealth of Damani has increased by 280 per cent or Rs 1,28,800 crore. Data from the rich list shows that he earned Rs 57 crore every day and his wealth jumped 13 per cent in the last one year period.
Corporate Radar: Shree Cement, Magadh Sugar to turn ex-dividend; Mindtree Q1 results & more
Mindtree, Tata Metaliks, Rajnandini Metal, Global Education, Premier Polyfilm, International Travel House, Gujarat Hotels and Ramasigns Industries are among companies that will announce their quarterly earnings today.
Erstwhile chief executive Sandeep Kaul has become a corporate management committee member for ITC overseeing businesses like tobacco, matches and agarbatti, and the start-up cell.
RK Damani hikes stake in VST Industries, reduces holding in Blue Dart: Report
According to the company's most recent regulatory filing, the investor purchased around 12,000 equity shares of VST Industries between January and March.
ITC soars as Budget keeps cigarette taxes untouched
Heading into the Budget, some market participants had expected the government to raise taxes on cigarettes in order to boost its revenues by means of a Covid-19 cess or an increase in the National Calamity Contingency Fund.