ITC loses about ₹21,200 crore in market value after Budget 2020
By MYBRANDBOOK
Shares of cigarette and other tobacco-related firms declined up to 7 per cent trade. As Finance Minister Nirmala Sitharaman proposed higher levies on cigarettes and other tobacco products, ITC Ltd. faces big loss. Sitharaman has said to put higher taxes on so-called sin goods which will help the Indian government bolster its exchequer and bridge a widening fiscal deficit. Shares of India’s largest cigarette maker ITC fell 6.9% to 219 rupees a piece during Mumbai trading. Rival Godfrey Phillips India Ltd., maker of Red & White and Four Square cigarette brands, also slipped 6.5%.
Although the government hasn’t tweaked the duty rates of bidis, the government is taxing the sin goods in the hands of those who can afford to pay the higher price.
ITC has been on diversification drive and entering fast moving consumer goods ranging from instant noodles to incense sticks, cigarettes still contribute the largest chunk to its revenues.
BREAKING NEWS
TECHNO TRENDS
Nazara and ONDC set to transform in-game monetization with ‘
Nazara Technologies has teamed up with the Open Network for Digital Comme...
Jio Platforms and NICSI to offer cloud services to government
In a collaborative initiative, the National Informatics Centre Services In...
BSNL awards ₹5,000 Cr Project to RVNL-Led Consortium
A syndicate led by Rail Vikas Nigam Limited (abbreviated as RVNL), along wi...
Pinterest tracks users without consent, alleges complaint
A recent complaint alleges that Pinterest, the popular image-sharing platf...
E-Magazine
TECHNOTAINMENT
Netflix adds 'Moments' feature for saving, sharing scenes from
Netflix has introduced a new “Moments” feature on its mobile app, whic
Jacqueline Fernandez come together with YouTuber Mr. Beast for
Jacqueline Fernandez has partnered with American YouTuber Mr. Beast to b
MOVERS & SHAKERS
Visa elevates Rishi Chhabra as new Country Manager for India
Rishi holds a Master’s in Industrial Engineering from The Ohio State Univ
Genesys welcomes Albert Nel as Senior VP and Regional Sales Le
Genesys continues to deepen its investment in the APAC region. Earlier this
OPEN YOUR EYES
INTERVIEWS
Bolstering its commitment to help build a truly self-reliant B
CP PLUS is dedicated to spreading a sense of security to every corner of In
In India, 88% of Indian business leaders are planning to inves
As we move through 2024, it has become increasingly clear that AI is not ju
HOT PICK
SonicWall Launches TZ80: A Powerful Solution for Remote Office
SonicWall announced today the launch of the TZ80, a groundbreaking securit
Gigabyte X3D Turbo: A Gaming Revolution
GIGABYTE X3D Turbo Mode is a cutting-edge feature that unifies cores distr
MAKE IN INDIA BRANDS
NETWEB TECHNOLOGIES INDIA LTD.
EXATRON SERVERS MANUFACTURING PVT. LTD.
TECHROUTES NETWORK PRIVATE LIMITED
CENTRE FOR DEVELOPMENT OF TELEMATICS (C-DOT)
EMINENT CIO'S OF INDIA
ICONS OF INDIA
Icons Of India : AALOK KUMAR
Aalok Kumar is celebrated as a global leader and recipient of the Peop...
Icons Of India : Dr. Sanjay Bahl
Dr. Sanjay Bahl has around four decades of experience in the ICT indus...
ICONS OF INDIA : RISHAD PREMJI
Rishad Premji is Executive Chairman of Wipro Limited, a $11.3 billion ...
PARTNER SPEAKERS
PSU
CERT-IN - Indian Computer Emergency Response Team
CERT-In is a national nodal agency for responding to computer security...
TCIL - Telecommunications Consultants India Limited
TCIL is a government-owned engineering and consultancy company...
NPCI - National Payments Corporation of India
NPCI is an umbrella organization for operating retail payments and set...
VIDEOS
Top 25 Brands
Global Indian industry
Indian Tech Talent Excelling The Tech World - NIKESH ARORA, Chairman CEO - Palo Alto Networks
Nikesh Arora, the Chairman and CEO of Palo Alto Networks, is steering ...
Indian Tech Talent Excelling The Tech World - Rajiv Ramaswami, President & CEO, Nutanix Technologies
Rajiv Ramaswami, President and CEO of Nutanix, brings over 30 years of...
Indian Tech Talent Excelling The Tech World - ANJALI SUD, CEO – Tubi
Anjali Sud, the former CEO of Vimeo, now leads Tubi, Fox Corporation...
STARNITE AWARDS 2024
ITFORUM 2024
CMO of the Year
WOMEN LEADERSHIP
IMAGE GALLERY
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
