Cigarette makers in focus after budget announces tax hike

Shares of three cigarette makers were seeing mixed trend after the Union Finance Minister Nirmala Sitharaman announced the increase of National Calamity Contingent duty (NCCD) on cigarettes by 16%.

ITC (up 2.63%), VST Industries (up 0.90%) advanced while Godfrey Phillips India (down 2.08%) declined.

The market largely feared either a hike in excise duty or NCCD duty on cigarettes and tobacco products, as the last tax hike was announced three years ago.

Finance Minister Nirmala Sitharaman presented the Budget 2023-2024 in Parliament. This is the final full-fledged budget of the Narendra Modi government before the general election next year.

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