ITC alone lifts BSE FMCG index above 9000

ITC is soaring on the bourses today lifting the spirits for the markets; stock is up by nearly 7%. 

ITC alone is contributing almost 300 points to the BSE FMCG index gains.

BSE FMCG index is up by nearly 350 points and is trading at 9305 levels. 

LT foods is up by nearly 3.3%, VST Industries is up by 3%, Godfrey Philip is up by 2.8%, Kwality is up by 2.3%, Kohinoor is up by 2.2%, Dwarikesh is up by 2.1% and Global Spirits is up by 1.9% helping the BSE FMCG Index gain on Friday.

ITC is rallying on Friday as the Goods and Services Tax (GST) Council has cleared a proposal to cap the cess on luxury cars and aerated drinks at 15 per cent over the peak rate of 28 per cent. 

This essentially means that the sin tax is capped at 15% and sentimentally the development is positive for ITC. On tobacco and cigarettes, the cap would be 290 per cent, or Rs 4,170 per 1,000 cigarette sticks.