ITC shares rallied by four percent on Thursday helping them to overtake HDFC Bank and become the 3rd most valued company on BSE. The stock prices of the FMCG giant rose by 3.78% to a high of Rs 279.90 which helped ITC to hit a market capitalisation of Rs 3.4 lakh crore and displace HDFC Bank from the 3rd spot.
In the past 1 month, ITC has risen 13.24% as compared to 8.24% of HDFC Bank.
The outperformance can be credited to the 4.5% jump by ITC on Wednesday after the Finance Minister of India, Arun Jaitley stated that six percent excise duty hike compared to 10% expected by Dalal Street.
Edelweiss Securities stated that, a positive surprise has been sprung by Union Budget 2017 with only six percent increase in excise duty on cigarettes against the expected 8-10 percent.