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ITC share price today slumped around 5 per cent after the news break of Government of India forming committee for finalising taxation policy for tobacco. The stock hit an intraday low of ₹248.70 on the NSE in early deals. So, it is a good opportunity for stock market investors to buy on this dip,” Singhal advised.
How much does the government own in ITC?
The government has set an ambitious disinvestment target of Rs1. 75 lakh cr for the fiscal year 2021 – 22. The govt’s 7.93\% stake in ITC which is worth about Rs20,250cr currently – is being held through the Special Undertaking of the Unit Trust of India (SUUTI).
Does the government have stake in ITC?
The government holds the stake in ITC through the Special Undertaking of the Unit Trust of India (SUUTI).
Is government selling stake in ITC?
The government is reportedly looking to divest its 7.93 per cent stake in ITC to give a boost to this year’s Rs 1.75-trillion disinvestment programme. The stake, held under Specified Undertaking of the Unit Trust of India (Suuti), is valued at Rs 20,185 crore at ITC’s Tuesday’s closing price of Rs 206.8.
Is centre planning to offload its stake in ITC?
New Delhi: The Centre is reportedly planning to offload its stake in FMCG–hospitality–cigarette major ITC Ltd as it looks to meet the ambitious disinvestment target of Rs 1.75 lakh crore for 2021-22. ITC’s stock was trading at Rs 207.05 apiece, down 0.17 per cent at 2.25 pm.
What is the stake of government in ITC stock?
ITC’s stock was trading at Rs 207.05 apiece, down 0.17 per cent at 2.25 pm. The government’s 7.93 per cent stake in the Kolkata-based conglomerate is worth Rs 20,250 crore as it owns the stake in ITC through the Special Undertaking of the Unit Trust of India (SUUTI).
The government is reportedly looking to raise Rs 22,000 crore by selling its entire stake of 7.94 pecent in ITC Ltd and 4.69 percent in Axis Bank, through the Specified Undertaking of the Unit Trust of India (SUUTI) in a bulk deal on the stock exchanges.
Why is the ITC share price falling?
ITC Ltd share price is falling since Government is seeking to offload its entire 7.94\% stake in ITC Ltd and also might increase taxes on tobacco products just like on they did for Alcohol. The company has seen its share price decline more than 30\% since the beginning of the year. The stock fell by almost 32\% since January 1, 2020.