Mar 102016

ITC Ltd.

ITC Ltd. became India’s third most-valuable company after shares of the cigarette maker posted its steepest gain in more than six years amid optimism the excise tax proposed on tobacco products was less steep than previous increases.

The stock surged 10% at the close, valuing the company at Rs2.61 trillion ($39 billion). ITC jumped two rungs from Monday’s close to surpass HDFC Bank Ltd. and Infosys Ltd., the nation’s second-biggest software exporter, data compiled by Bloomberg show.

Contributed By Sonia Narula

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