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What cigarette tax hike means for 37 lakh ITC shareholders? Jefferies explains

Jefferies warned that the sharp hike in cigarette excise duty is clearly negative for ITC in the near term, likely hurting volumes and earnings. The brokerage called the move a major negative surprise for the legal cigarette industry, estimating over a 20% rise in effective tax incidence, and said it increases policy uncertainty despite its continued positive stance on ITC.

1 Jan 2026 2:03 pm