Shares of cigarette companies like ITC and Godfrey Phillips have seen a strong rally after the recent price hikes. The government changed the excise duty and GST structure, after which companies increased cigarette prices by Rs. Increased to 22–55. Its burden was passed on to customers, due to which profit pressure remained limited. ITC shares rose 2%, while Godfrey Phillips jumped more than 12%. Global brokerage UBS maintained “Buy” rating on ITC at Rs. A target of 395 has been given. Market sentiment is currently positive.
Strong Rally in Cigarette Stocks after Government Tax Hike! | Money Live | Cigarette Stocks Rally Sharply After Government Tax Hike!
