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ITC To Resume Cigarette Manufacturing; Stock Up

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Shares of the ITC rose on Monday after the company said that it will soon resume manufacture of cigarettes in its factories.

 

"Consequent upon a High Court order passed in favour of the company, the company will soon resume manufacturing of cigarettes at its factories," the company said in the BSE filing.

ITC To Resume Cigarette Manufacturing; Stock Up
ITC: Quotes, News
BSE 209.80BSE Quote2.55 (1.22%)
NSE 209.90NSE Quote2.6 (1.24%)

The company had shut its cigarette factories with effect from April 1, 2016. The shut was said to be regarding the current uncertain state of the rules on health warning.

Cigarette are manufactured at plants in Bengaluru, Munger, Saharanpur, Kolkata and Pune.

The company manufactures a range of cigarette brands,which includes India Kings, Classic, Gold Flake, Navy Cut, Capstan, Bristol, Flake, Silk Cut.

A notification by the Health Ministry on September 24, 2015, for implementation of the Cigarettes and other Tobacco Products (Packaging and Labeling) Amendment Rules, 2014, had come into force on April 1, 2016.

The notification prescribed larger pictorial warnings, covering 85 per cent of packets on tobacco products.

Shares of the company were seen trading at Rs 334 higher by 1 per cent on BSE at 12.16 pm IST. It touched an intra-day high at Rs 338 during the trade.

 

Goodreturns.in

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