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ITC has slipped 15% to Rs 277, its sharpest intra-day fall in past one decade on BSE, after the Goods and Services Tax (GST) Council increases cess on cigarettes. The stock has fallen nearly 18% in past two trading sessions. Earlier, on October 27, 2008, the stock tanked 17% in intra-day trade. “ The GST Council meeting on Monday raised the cess on cigarettes, in a bid to reduce profiteering by companies and harm to public health. The exact amount of the cess would depend on the length of the cigarettes,” the Business Standard report suggests. Cess on cigarettes of up to 65 mm was raised by Rs 485 per 1,000 sticks in the case of both filter and non-filter ones. Those longer than 65 mm had different cess rates — it increased by Rs 792 per 1,000 sticks for non-filter ones; for filtered ones, between 65 mm and 70 mm, the cess was raised by Rs 621 per 1,000 sticks and for those between 70 mm and 75 mm, it was increased by Rs 792 per 1,000 sticks, added report. CLICK HERE TO...

Buy A House Lower prices, lower interest rates and rising affordability have made it the best time to buy residential properties, say experts. In a recent interview, Keki Mistry, chief executive at HDFC said it is the best time to buy a property. " First, by virtue of the fact that interest rates are significantly low. Since 2008, e whave not seen rates as low as this. I don't believe rates will go down any further.Second, property prices haven't gone up in recent times so one would believe there is time correction of prices. Third, all incentives are provided by the government for people to buy houses,"Mistry said. Rates: Mortgage rates have come down by 150 basis points in the last two years bringing them down to 12-year lows, and this is gradually improving affordability. Every 100 basis points mortgage-rate cut is equal to 5-6 per cent price cut, CLSA has noted. Prices: Housing prices fell by 1.67 per cent to Rs 6,185 per sq ft in Q4 (January- Ma...