Indian cigarette makers slide on govt proposal to hike duty

Godfrey Phillips India

01/02/2023 07:34

** Shares of Indian cigarette makers ITC Ltd  ITC.NS ,
Godfrey Phillips India Ltd  GDFR.NS  and VST Industries Ltd
 VSTI.NS  fall between 2.1% and 7.5%
    ** Finance Minister Nirmala Sitharaman says in her budget
speech that the government will increase duty on "specified
cigarettes" in the next fiscal
    ** National calamity duty will be raised after a three-year
gap by 16%, Sitharaman says
    ** VSTI shares hit lowest since June 24, 2022; ITC falls
most since Oct. 2021
    ** Marlboro cigarettes maker GDFR sinks most in a month
    ** GDFR, VSTI fell 2.8% and 8.5%, respectively in January,
while ITC rose 6.3% during the same period
 (Reporting by Varun Vyas in Bengaluru)
 ((varunvyas.hebbalalu@thomsonreuters.com;))