ITC

The cigarette segment contributes more than 40 percent to the total business for ITC and the rest of the revenue comes from FMCG, paper and hotel ...

Technically, ITC stock has formed a high wave kind of pattern on the daily charts. The ITC stock recovered more than 11 percent from the day's low and hit an intraday high of Rs 365.70. Moneycontrol.com advises users to check with certified experts before taking any investment decisions. This is a clear positive for ITC," Jefferies said in its note. The duty rate on filter cigarettes of length exceeding 70 mm but not exceeding 75 mm has been revised upwards from Rs 545 to Rs 630 per 1,000 sticks, while for other cigarettes, the duty rate increased to Rs 850 per 1,000 sticks, from Rs 730, and for cigarettes of tobacco substitutes, the new rate would be Rs 690 per 1,000 sticks, up from Rs 600 earlier. Further, other than filter cigarettes, of length not exceeding 65 mm, the new duty rate would be Rs 230 per 1,000 sticks, up from Rs 200 earlier and for the length between 65 mm and 70 mm, the rate increased to Rs 290 from Rs 250 per 1,000 sticks.

Shares of ITC Ltd. rebounded by afternoon trade on Wednesday as analysts sees a negligible impact of a duty hike on cigarettes. The shares had, however, ...

The hike in taxes is not very high and would be easily passed on by small increase (1-3%) in prices," ICICI Securities said. However, shares of Godfrey Phillips India Ltd. The 12-month consensus price target implied an upside of 7.9%. Shares of ITC Ltd. The relative strength index stood at 75, suggesting that the stock may be overbought. "If it is only 16% increase in NCCD for cigarettes, then overall impact is negligible.

मेरठ: संगोष्ठी में दी जीएसटी में आईटीसी क्लेम को लेकर जानकारी मेरठ।

Shares of ITC, the country's biggest cigarette and second largest FMCG company, made a strong rebound from day's low and surged 11% to hit a fresh all-time ...

However, the company has been gaining market share in cigarettes from last one year through new premium products and aggressive trade promotions. It has given a return of 16% in the last six months and 6% in a week. Segment wise, revenue from cigarette climbed 23.3% YoY to ₹6,953.80 crore, which contributed to more than 80% of its net profit and about 45% of its revenue. However, the index heavyweight declined as much as 6.6% to ₹329 after the Finance Minister Nirmala Sithraman in her Budget 2023 speech announced a hike in the excise duty on cigarettes and tobacco products. The share price of the tobacco-to-hotels major dropped as much as 6.6% in intraday trade to ₹329 after the Union Budget 2023 proposed a hike in excise duty on cigarettes by 16%, which is negative for cigarette makers. The hike in excise duty on cigarettes was announced for the first time in three years, when the government increased the National Calamity Contingent Duty (NCCD) by 2-4 times across cigarette stick sizes in FY21, resulting in rise in tax between 9-15%.

The stock of Godfrey Phillips slumped as much as 4.92 percent to Rs 1828.75 on the BSE, while Golden Tobacco declined 3.81 per cent to Rs 59.4.

Shares of ITC were trading 0.78 per cent lower at Rs 349 on the bourse. [Budget 2023 Highlights: Cigarettes To Get Costlier As FM Nirmala Sitharaman Increases Custom Duty.](https://www.latestly.com/socially/india/news/custom-duty-on-cigarettes-increased-fm-nirmala-sitharamanunionbudget2023-latest-tweet-by-ani-4782200.html) The stock of Godfrey Phillips slumped as much as 4.92 percent to Rs 1,828.75 on the BSE, while Golden Tobacco declined 3.81 per cent to Rs 59.4.

Budget 2023: Shares of cigarette companies, including Godfrey Phillips India and ITC Ltd, plunged by up to 5 per cent on the BSE on after the announcement.

Besides cigarettes, basic custom duties were also raised on gold bars and kitchen electric chimneys. The stock of Godfrey Phillips rose to 4.92 percent to ₹1,828.75 on the BSE, while Golden Tobacco declined 3.81 per cent to ₹59.4. As a result, there are minor changes in the basic custom duties, cesses and surcharges on some items including toys, bicycles, automobiles,” Nirmala Sitharaman said in her Read here: Shares of ITC were trading 0.78 per cent lower at ₹349 on the bourse. Now people will have to pay more to buy cigarettes as the government increased custom duty by 16%.

So once consumption picks up, I think more and more private investment should come in. We are already seeing silver linings of the private capex kicking in.

[Sensex](https://economictimes.indiatimes.com/indices/sensex_30_companies)and [Nifty](https://economictimes.indiatimes.com/indices/nifty_50_companies)Track [latest market news](https://economictimes.indiatimes.com/markets/stocks), [stock tips](https://economictimes.indiatimes.com/markets/stocks/recos)and [expert advice](https://economictimes.indiatimes.com/markets/expert-view)on [ETMarkets](https://economictimes.indiatimes.com/markets). I am just going to take a moment to complete the two points on agri, which I think are very important. So that is a very-very positive step and I think the continued focus on bringing technology to agriculture is very much required and the support to agri tech and the ecosystem I think is phenomenal. Not merely physical infrastructure, there is a lot of focus on digital infrastructure, social infrastructure, inclusive growth and a lot of focus on energy transition. I think it will also strengthen the economy and enhance the competitiveness of the economy because import dependence will go down. That is what is going to engage you more, you will ask me follow-up questions. Now energy transition is one of course it is required for reducing emissions. This is exactly what you folks at CII were asking for and being balanced also by relief of personal income tax? I think that is terrific. Secondly we have not seen fine print to actually tell you anything, I have just been hearing this and come. Generally you know there is data to suggest what happens in case of stability but I do not want to open this chapter, it will take away all the time. If you are going to hike

Uniindia: Kolkata, Feb 1 (UNI) Cigarette-to-hotel conglomerate ITC on Wednesday praised the union budget as "progressive and growth-oriented" that addresses ...

[see more..](/budget-doesn-t-address-india-s-unemployment-issue-mamata/east/news/2908575.html) 01 Feb 2023 [see more..](/two-candidates-file-papers-for-meghalaya-polls-on-second-day/east/news/2908587.html) 01 Feb 2023 [see more..](/budget-lacks-vision-and-focus-nitish/east/news/2908605.html) 01 Feb 2023

Taxation on cigarettes were kept unchanged for the past two years after the National Calamity Contingent Duty on cigarettes was hiked by around 212 percent ...

The sector holds huge opportunities for jobs and entrepreneurship for youth in particular. But it is not just cigarettes that pushed ITC’s shares to their lifetime highs. Cigarettes contributed 35 percent of total revenue to ITC in FY22 . ITC hiked prices by 10-20 percent across brands in 2020 when the NCCD was hiked. Analysts expected a 5-10 percent increase in overall tax incidence. FMCG major ITC was the top Nifty gainer on Budget day.

A 16% hike in NCCD in the Budget for FY24 has resulted in an overall tax hike of 2–2.5%, according to Nuvama Institutional Equities.

ITC did not offer any comment on the proposed increase in NCCD on cigarettes. Ebitda margin expansion is on track,” Roy said in the note. In FY23, legal cigarette players regained market share from illegal players, given no tax hike for two consecutive years. [Budget ](https://www.financialexpress.com/budget/union-budget-2023-an-inclusive-and-progressive-budget-in-the-amrit-kaal-2968338/)is a step in the right direction as this shall lead to a nominal overall tax increase, and implies stability in taxation. And, there has been a laudable recovery in legal cigarette volumes this year. This increase is lower than Street’s/our expectations, and we expect legal cigarette players to gain share from the illegal ones.

ITC share price may witness profit-booking as the stock has entered the overbought zone on chart pattern, say experts.

ITC is one of the biggest cigarette makers in the country; over 40 percent of the total business for ITC comes from the cigarette segment.

The Budget announcement boosted the stock price of ITC and now it has hit the fresh all time high," said Mishra. Patel added that on a daily scale, ITC has formed a bearish crab pattern which is a matter of concern. This should evidently drive a further re-rating of the ITC stock, in our view," said JM Financial. The brokerage firm has an 'add' call on the stock and raised the target price to ₹400 from ₹380. These do not represent the views of MintGenie. ITC is one of the biggest cigarette makers in the country; over 40 percent of the total business for ITC comes from the cigarette segment.

Brokerages believe that the proposed tax hike on cigarette in the Union Budget 2023 is not very high and would be easily passed on through small price ...

We believe the management is likely to take blended price increase of 5 per cent in FY24, with most of these price hikes directed towards KSFT / RSFT segment, thereby keeping price point of DSFT constant. [ITC](/topic/itc) witnessed strong volume growth in Rs 10 and above price point cigarette category. The company said the board will also consider declaration of interim dividend for the financial year ending on March 31, 2023. "ITC needs to take a price increase of 2-4 per cent across segments to maintain absolute operating profits. The tax hike is not very high and would be easily passed on through a small increase in prices," ICICI Securities said. Since the overall tax increase is less than 2-2.5 per cent, analysts believe that it leaves enough room for manufacturers to take price increases over and above requirement, in order to mitigate tax increase.

The stock took a beating after the Budget hiked the National Calamity Contingent duty but the scrip recovered swiftly when it emerged that the hike was not ...

NCCD is about 10 percent of the overall tax. After taking a hit during COVID lockdown, cigarette volume growth has been in low double-digits for ITC over the past few quarters. The NCCD is a part of the total tax levied on cigarettes. Analysts at JM Financial believe the move can re-rate the stock further. The stock corrected 6 percent as Sitharaman said the NCCD duty on cigarettes was hiked by 16 percent. Earlier in the day, it had hit an all-time high of Rs 384.70 apiece.

ITC, incorporated in the year 1910, is a Large Cap company (having a market cap of Rs 472908.97 Crore) operating in Tobacco sector. ITC key Products/Revenue Segments include Packaged Food Item, Agricultural Products, Paper & Paper Boards, Others, Tobacco ...

[Sensex](https://economictimes.indiatimes.com/indices/sensex_30_companies)and [Nifty](https://economictimes.indiatimes.com/indices/nifty_50_companies)Track [latest market news](https://economictimes.indiatimes.com/markets/stocks), [stock tips](https://economictimes.indiatimes.com/markets/stocks/recos)and [expert advice](https://economictimes.indiatimes.com/markets/expert-view)on [ETMarkets](https://economictimes.indiatimes.com/markets). As on 31-12-2022, the company has a total of 1,241 Crore shares outstanding. This should evidently drive a further re-rating of the ITC stock, the brokerage iterated. Company has reported net profit after tax of Rs 4670.32 Crore in latest quarter. Company has S R B C & Co. For fastest news alerts on financial markets, investment strategies and stocks alerts, [subscribe to our Telegram feeds](https://t.me/joinchat/J60pKE7SOStsj5sI8nDmHQ).) For the quarter ended 30-09-2022, the company has reported a Consolidated Total Income of Rs 19062.68 Crore, up 1.34 % from last quarter Total Income of Rs 18810.18 Crore and up 24.49 % from last year same quarter Total Income of Rs 15313.15 Crore. Promoters held 0 per cent stake in the company as of 31-Dec-2022, while FIIs owned 13.81 per cent, DIIs 31.32 per cent. After the Union Budget 2023 imposed a total tax-hike of just about 2.5%(as per our workings) on the legal cigarettes industry, the brokerage is encouraged as it is now quite evident that the government is able to better-appreciate the legal industry’s logic that a punitive taxation regime on legal cigarettes alone does not necessarily help control the use of tobacco in the country, but instead causes migration out of tax-paid cigarettes into illegal channels. ITC, incorporated in the year 1910, is a Large Cap company (having a market cap of Rs 472908.97 Crore) operating in Tobacco sector. LLP as its auditors. ITC key Products/Revenue Segments include Packaged Food Item, Agricultural Products, Paper & Paper Boards, Others, Tobacco Unmanufactured, Service (Hotel), Printed Materials, Other Operating Revenue for the year ending 31-Mar-2022.