India's ITC rises as resilient cigarette volumes ease tax-hike concerns
03/08/2026 04:51
India's ITC rises as resilient cigarette volumes ease tax-hike concerns Aug 3 (Reuters) - Shares of India's ITC ITC.NS rose 2.6% on Monday after brokerages said better-than-expected cigarette volumes suggested the worst impact of a recent tax hike may be over, with phased price hikes likely to boost profitability in the coming quarters.
ITC, known for consumer goods products and cigarette brands such as Gold Flake and Classic, reported a 27% slump in quarterly profit on Friday to 35.79 billion rupees ($375.24 million).
($1 = 95.3800 Indian rupees)
(Reporting by Surbhi Misra in Bengaluru; Editing by Sherry Jacob-Phillips)
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