Cigarettes-to-hotels conglomerate ITC's shares rose on Wednesday, a day after Finance Minister Nirmala Sitharaman presented the Union Budget for FY23 in Parliament. The ITC stock extended gains to the sixth back-to-back session on Dalal Street.

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ITC shares ended 1.7 percent higher at Rs 231.7 apiece on BSE, having risen as much as 2.4 percent during the session.

Jefferies said the government's move to keep taxes on cigarettes unchanged in the Union Budget for FY23 is a relief for ITC. The brokerage has a 'buy' call on the stock with a target price of Rs 300 apiece.

Investec also has a 'buy' call on TCS, with a target price of Rs 258. The government's status quo on taxes provides stronger FY23 visibility for the company.

The brokerage expects incremental price hikes by the company in the financial year beginning April 2022. Stable taxes also aid the legal cigarette industry, Investec added.

CLSA sees ITC among beneficiaries of the Union Budget, besides infrastructure, cement and capital goods spaces.

ITC shares have moved within a tight range in the past year. Investors in the cigarette maker have made a return of 5.4 percent in this period, as against the Nifty50's gain of 24.1 percent.

Here's how ITC shares have fared:

CLSA also said the Budget was growth-oriented, though the focus remains on the supply-side.

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For full coverage of Union Budget 2022, click here