Budget 2024: ITC Shares Witness 5% Increase After Budget Announcement, Know Factors Contributing This Growth
Budget 2024: Finance Minister Nirmala Sitharaman presented the budget on July 23, 2024, which led to a volatility in the share market. Along with the Nifty Index, many sectors also saw a lot of changes. However, the shares of ITC witnessed a 5% rise after the budget 2024 presentation. When the market opened on July 24, ITC again saw a rise and exceeded the 500 level for the first time.
ITC Shares on Rise
In the budget 2024, FM Sitharaman did not make any changes in the tax on tobacco and kept the National Calamity Contingent Duty of 2023 stable at 16%. This effect can be seen on the shares of ITC. Along with this, a major focus of the budget in 2024 was to increase rural consumption. The government also brought many schemes to increase consumption in rural areas and ITC could be a major beneficiary of these schemes. Due to many such factors, July 24 also saw a sharp increase in ITC’s shares.
