Shares in heavyweight, ITC gained ground for a second day running, as the major hiked prices of certain brand of cigarette. The stock was up 1 per cent in trade on heavy volumes on the National Stock Exchange.
The ITC stock rallied smartly in trade on Monday as well. Over the last few months the stock has remained steady, as investors sold FMCG stocks on fears that volumes at these companies are likely to fall.
ITC's own volumes have dwindled in the last quarter and analysts say the company will make up by hiking prices, thus enhancing margins.
Over the years the company has diversified into activities like FMCG. The ITC group also runs hotels and manufactures paper.
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