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Melbourne, Jan 1 (The Conversation) TV adventurer Bear Grylls has built a global reputation through his often unconventional and sometimes extreme survival feats to stay hydrated. He has squeezed moisture from elephant dung, sipped the contents of camel intestines, downed yak eyeball juice and
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Cigarette Excise Duty Hike: ITC Stock Declines To 21-Month Low On Block Deal, Tariff Rise
Cigarette Excise Duty Hike: ITC Stock Declines To 21-Month Low On Block Deal, Tariff Rise
Shares of ITC Ltd slipped to their lowest level in nearly two years on Thursday, January 1, weighed down by the government's notification of higher taxation on cigarettes and tobacco products, along with a large block deal in the counter.
The decline followed a notification by the Finance Ministry that cigarettes, tobacco and bidis will attract an effective 40% GST from February 1, 2026. This includes the standard 28% GST rate, with excise duty and National Calamity Contingent Duty (NCCD) being subsumed into the new structure. Market participants are now assessing whether the move results in any additional cess or duty and what the overall tax burden on cigarettes will look like once the changes come into force.
Sentiment was further hit by a sizeable block deal executed earlier in the session, where more than 4 crore shares of ITC changed hands. The transaction represented around 0.3% of the company's outstanding equity. Shares were traded at an average price of about Rs 400 apiece, taking the total deal value to Rs 1,614.5 crore.
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Cigarettes remain a key profit driver for ITC. In the September quarter, the segment accounted for nearly 48% of the company's total revenue. Cigarette business revenue rose 6.7% year-on-year to Rs 8,722 crore, while volumes increased 6%, broadly in line with market expectations, which had pegged volume growth in the 5-6% range.
The stock was trading 4.1% lower at Rs 386.3 during the session. ITC shares have now fallen about 12% in 2025, marking their first year of negative returns since 2020. Thursday's decline pushed the stock back to levels last seen in March 2024 and marked its sharpest single-day fall in more than eight months.
Source: News18
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