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ITC shares up over 2% as company resumes cigarette production

ITC_6

Shares of ITC today rose by over 2 per cent after the company said there is “progressive resumption” of production at its cigarette factories, which was suspended from May 4 over the large pictorial warning issue.

The stock ended at Rs 324.75, up 2.38 per cent on BSE. During the day, it gained 2.77 per cent to Rs 326.

At NSE, shares of the company went up by 2.23 per cent to close at Rs 324.80.

On the volume front, 3 lakh shares of the company were traded at BSE and over 56 lakh shares changed hands at NSE during the day.

“The cigarette factories are commencing production progressively,” ITC said in a BSE filing yesterday.

On May 5, ITC had said it has shut down its production till the time it is able to comply with “interim requirements” of 85 per cent pictorial warnings.

On May 4, the Supreme Court had directed tobacco companies to implement the rule mandating larger pictorial warnings and refused the manufacturers’ plea to stay the implementation of new cigarette packaging rules introduced from April 1.

A range of ITC’s brands including India Kings, Classic, Gold Flake, Navy Cut, Capstan, Bristol, Flake, Silk Cut are manufactured at plants in Bengaluru, Munger, Saharanpur, Kolkata and Pune.

PTI

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