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Cigarette stocks mixed after after nominal excise duty on tobacco products

Capital Market 

Shares of six cigarette companies fell by 0.56% to 3.17% at 2:46 IST on BSE after the finance minister proposed imposition of nominal excise duties on tobacco products.

Golden Tobacco (down 3.17%), NTC Industries (down 0.67%) and VST Industries (down 0.56%), edged lower.

Sector bellwether ITC was up 0.97%, while Godfrey Phillips India was up 0.57%.

The S&P BSE Sensex was down 232.39 points, or 0.58% at 39,675.67.

Finance Minister Nirmala Sitharaman in her budget speech said that tobacco products and crude attract national calamity and contingent duty. In certain cases this levy has been contested on the ground that there is no basic excise duty on these items. To address this issue, a nominal basic excise duty is being imposed.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, July 05 2019. 13:14 IST