GST Reforms: The Nifty FMCG index surged 2.66 per cent in the opening session, with stocks rallying by up to 7 per cent.
Fast-moving consumer goods (FMCGs) are in action today as the GST Council has approved a two-slab structure, which will result in the reduction of a wide range of FMCG products. The new GST slabs will take effect from September 22, just ahead of the peak festive season. Buoyed by the development, stock markets surged in the opening trades, and FMCG stocks were among the top gainers. The Nifty FMCG index surged 2.66 per cent in the opening session, with stocks rallying by up to 7 per cent.ย ย
In the early trade, 12 out of 15 constituents on the Nifty FMCG index were trading in the green with Britannia gaining over 7 per cent. Dabur, Colgate Palmolive, Hindustan Unilever (HUL), and ITC were among other gainers.
Britannia Share Price
The stock opened with a gain of 4.97 per cent at Rs 6,201 against the previous close of Rs 5,908 on the NSE. It surged further to touch the intraday high of Rs 6,336.95, representing a gain of 7.41 per cent.
Dabur Share Price
Shares of Dabur India Limited opened with a gain of 3.96 per cent at Rs 565 on the National Stock Exchange. It surged further to touch an intraday high of Rs 577. This is a gain of 6.16 per cent from the previous close of Rs 543.50.
Colgate Palmolive (India)
The stock opened with a gap up, gaining 4.5 per cent at Rs 2,489 against its previous close of Rs 2,381.90. The counter later touched an intraday high of Rs 2,504, a gain of 5.13 per cent.
ITC Share Price
Shares of FMCG major ITC gained 2.96 per cent in the opening session at Rs 423.95 against the previous close of Rs 411.75. Later, it touched a high of Rs 427, representing a gain of 3.7 per cent.
Meanwhile, benchmark equity indices Sensex and Nifty surged in early trade as investors became cheerful after the GST Council approved two Goods and Services Tax (GST) slabs.