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Cigarette Stocks Rally Up To 13% As ITC, Godfrey Phillips, Other Stocks Surge On Price Hike Buzz
Cigarette Stocks Rally Up To 13% As ITC, Godfrey Phillips, Other Stocks Surge On Price Hike Buzz
Shares of cigarette makers such as ITC, Godfrey Phillips, and VST Industries rallied sharply on Friday, rising up to 13%
Shares of cigarette makers such as ITC, Godfrey Phillips, and VST Industries rallied sharply on Friday, rising up to 13%, after reports suggested companies had raised prices to pass on higher taxes to consumers. The surge was also aided by value buying at lower levels following a steep correction triggered by the cigarette taxation overhaul announced on December 31, which came into effect in February.
Godfrey Phillips jumped as much as 13% to an intraday high of Rs 2,240 on the BSE, while FMCG major ITC advanced 6% to Rs 328 per share. VST Industries also gained 6%, touching a day's high of Rs 243 on the BSE.
According to a CNBC TV-18 report, cigarette makers have rolled out higher-priced packs in the market, with price hikes ranging from 15% to 30% across products. For Godfrey Phillips, the 97 mm cigarette pack is now priced at Rs 300, up from Rs 240 earlier, marking a 25% increase, the report said.
Under the revised tax structure, excise duties on cigarettes have been reworked to a range of Rs 2,050 to Rs 8,500 per 1,000 sticks, in addition to a 40% GST. This has significantly increased the overall tax burden on cigarettes, raising concerns around demand, margins and the risk of a rise in illicit trade.
Adding to investor unease is a technical change to the National Calamity Contingent Duty (NCCD) announced in the Budget. The government has raised the statutory NCCD rate on tobacco products from 25% to 60%, effective May 1, 2026. However, the Budget clarified that the effective duty rate will remain at 25% through a notification, implying no immediate increase in the tax outgo for cigarette companies. The move effectively creates headroom for a future hike without requiring legislative changes.
In the December quarter, ITC reported a 6.2% year-on-year rise in revenue, driven by double-digit growth in FMCG-Others and steady performance in the cigarette business. Cigarette revenues grew 8%, supported by a 7% increase in volumes.
Margins in the cigarette segment, however, slipped to a multi-quarter low of 59.9%, contracting 163 basis points year-on-year due to the consumption of high-cost leaf inventory. Management has indicated that leaf procurement prices have moderated in the current crop cycle, which could aid margin recovery in the coming quarters.
Axis Securities said ITC's long-term growth outlook remains intact, although cigarette volumes may face medium-term pressure due to higher taxes. The brokerage also pointed to continued traction in non-cigarette businesses, including FMCG, hotels and agri-business.
Source: News18.com
Source: OfficeNewz
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