The Hindu : Business : ITC leads recovery on apex court's luxury tax ruling

Online edition of India's National Newspaper
Friday, Jan 21, 2005

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Business

ITC leads recovery on apex court's luxury tax ruling

MUMBAI, JAN. 20. Buoyed by the Supreme Court's ruling against imposition of luxury tax on cigarettes, the market today bounced back from the day's low and ended ten points up even as some major corporates announced better-than-expected quarterly results during the session.

Backed by hefty gains in select heavyweighted stocks, the BSE benchmark 30-share index, which had tumbled to the day's low of 6091.08, later staged a sharp recovery and ended the day at 6183.24 against yesterday's close of 6173.32, a net gain of 9.92 points.

After suffering a sharp setback during morning trading, the market led by ITC, rebounded on the apex court ruling that the State governments have no legislative competence to impose luxury tax on goods, including cigarettes and gutkas.

The Sensex had fallen by over 79 points, largely reacted negatively to foreign institutional investors' net sales of Rs. 164.50 crores on January 18 and an overnight sharp fall in the Nasdaq Composite Index. ITC, which has a weightage of 11.30 per cent in the Sensex, were the star performer on the court ruling this morning.— PTI

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