ITC may not hike cigarette prices after tax rate cut, ban on vaping

A Morgan Stanley report says it doesn't expect ITC to hike cigarette prices as the firm is likely to be one of the biggest beneficiaries of the tax cut

Fast-moving consumer goods major ITC, which has reaped the benefits of a corporation tax cut and the ban on vaping in the country, may not have to increase prices of cigarettes for the rest of this financial year.

In a bid to revive the economy, the Centre last month announced a reduction in corporation tax rate from 30 per cent to 22 per cent. A Morgan Stanley report states that it doesn’t expect ITC to hike cigarette prices as the firm is likely to be one of the biggest beneficiaries of the tax cut. Yet, Morgan Stanley estimates that ITC