ITC Share Price Today: ITC Ltd shares fell as much as 1.86% to an intraday low of Rs 260.35 on the BSE on Thursday after 36 crore shares worth Rs 9,437 crore changed hands in a block deal at Rs 257.35 per share.
At 9:16 am, ITC shares were trading at Rs 264.15, down 0.43%, compared with a 0.27% fall in the BSE Sensex.
The block deal involved 36 crore ITC shares changing hands at Rs 257.35 apiece, taking the total transaction value to Rs 9,437 crore. Details of the buyers and sellers were not immediately available.
ITC Cigarette Price Hikes In Focus
The block deal comes at a time when ITC's cigarette business is also in focus following another round of price increases across select brands.
Last month, ITC raised prices of select cigarette brands, with Classic Connect and Gold Flake Super Star seeing higher maximum retail prices, according to dealer checks. New-price stock has already started entering the market.
The Classic Connect 20-cigarette pack is now priced at Rs 428, compared with Rs 390 earlier, marking a 9.74% increase.
Meanwhile, the Gold Flake Super Star 10-cigarette pack has been raised to Rs 89 from Rs 79, a 12.66% increase, according to dealer checks.
Tax-Led Price Hikes
From February 1, cigarettes and other tobacco products moved to a 40% GST rate, alongside a new additional excise-duty structure. ITC and other cigarette makers subsequently raised prices across several brands to offset the higher tax burden.
Nomura had earlier noted that ITC's price increases were aimed at cushioning the impact of the tax change, while warning that higher prices could put pressure on volumes.
The latest increase follows earlier price revisions by ITC after the tax changes. In February, industry reports had indicated that the company raised the price of Classic Connect from Rs 300 to Rs 360, and then to Rs 390, while Gold Flake Super Star rose from Rs 59 to Rs 70.
ITC subsequently raised prices again on select lower-priced and pocket-pack offerings. In May, NDTV Profit reported that the company had increased the Gold Flake Super Star price to Rs 79 from Rs 70.
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