India ITC shares rise on cigarette sales

ICICI Bank's shares rose by 4.11% to reach ₹292.55, marking their highest level since June 23, due to expectations that strong cigarette sales reflect the end of the recent tax hike's impact. Although the company's profits declined by 27% in the last quarter, excellent demand for products like "Gold Flake" and "Classic" eased fears of a switch to illicit cigarettes and allowed the company to raise prices in the future to improve profitability. Analysts expect the company to return to profitability by the end of the fiscal year, maintaining a balance between price increases and protecting its market share.

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