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India's own 'meme' stock comes alive after long hiatus; analysts gung ho


NEW DELHI: India’s own ‘meme’ stock,
ITC, has climbed in six of last eight sessions, making traders wonder whether the scrip will finally come out of its painful range after exhibiting extreme rangebound movements for a long time now.
Rangebound trading on the cigarette maker has made it a popular theme for ‘meme’ lovers across social media platforms.
On Monday, the stock rose 0.09 per cent to close at Rs 212.55 in the back of Friday’s 4.45 per cent gain. Technical charts suggest the stock may soon come out of range and test the Rs 250 level.
Aditya Agarwala, Senior Technical Analyst at YES Securities, said the stock has been oscillating in a broad rising channel since the March 2020 crash. ....

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ITC dips 3% on profit booking as govt drafts law to raise legal smoking age


Shares of ITC fell 3 per cent to Rs 204 on the BSE on Wednesday as investors booked profit after the government prepared a bill to raise the age for allowing sale of cigarettes and tobacco products to 21 years from the current 18 years. The stock was the top loser among S&P BSE Sensex and Nifty50 index, which were down a little less than 1 per cent, at 02:21 pm.
The counter has seen huge activities with trading volumes more-than-doubling. A combined 41.9 million equity shares of ITC have changed hands on the NSE and BSE, so far.
The central government, through the proposed Cigarettes and Other Tobacco Products (Prohibition of Advertisement and Regulation of Trade and Commerce, Production, Supply and Distribution) Amendment Act, 2020, seeks to raise the minimum age limit for sale of cigarettes and tobacco products from 18 years to 21 years, and restrict their sale within 100 meters of any educational institution. ....

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