Page 2 - Tobacco

BAT starts $2 billion buyback after selling part of its stake in ITC

The London-listed company said it will purchase £700 million of its shares in 2024 and £900 million by the end of 2025

BAT sells 3.5% stake in ITC for Rs 17,485 cr via open market transactions

British multinational BAT Plc on Wednesday divested a 3.5 per cent stake in FMCG-to-hotel conglomerate ITC Ltd for Rs 17,485 crore through open market transactions. British American Tobacco Plc (BAT), through its affiliate Tobacco Manufacturers (India) Ltd, offloaded more than 43.68 crore equity shares of ITC, amounting to 3.5 per cent stake, according to the block deal data available with the BSE. The shares were sold in 48 tranches, with an average price of Rs 400.25 apiece, taking the transaction value to Rs 17,484.97 crore.

BAT plans to sell up to 3.5% of stake in ITC, will own 25.5% after sale

The sale of 437 million ordinary shares in ITC through a block trade, will cut the Dunhill cigarette maker's shareholding to about 25.5% from about 29%

British American Tobacco to sell ITC stock worth $2-3 bn this week: Report

London-listed BAT has been speaking with Bank of America Corp. and Citigroup Inc. about a potential divestment of around $2 billion to $3 billion in ITC stock through block trades, the people said

Spending on paan, tobacco, intoxicants increased in last one decade: Survey

Consumption of paan, tobacco and other intoxicants has increased with people spending a bigger portion of their income on such products in the last 10 years, according to a survey. The Household Consumption Expenditure Survey 2022-23, released last week, revealed that the expenditure on paan, tobacco and intoxicants as a portion of total household spending has increased in rural as well as urban areas. The data showed that the expenditure on these items has increased to 3.79 per cent in 2022-23 in rural areas from 3.21 per cent in 2011-12. Similarly, in urban areas, the spending grew from 1.61 per cent in 2011-12 to 2.43 per cent in 2022-23. The proportion of spending on education has reduced to 5.78 per cent in urban areas in 2022-23 from 6.90 per cent in 2011-12. In rural areas, this proportion has come down to 3.30 per cent in 2022-23 from 3.49 per cent in 2011-12. The National Sample Survey Office (NSSO), Ministry of Statistics and Programme Implementation, conducted the Hous

Govt waives penalty, approves interest-free loan of FCV tobacco growers

The Ministry of Commerce & Industry have announced measures to support tobacco growers impacted by heavy rainfall, drought in Andhra Pradesh and Karnataka

British American Tobacco signals ITC stake disposal, shares soar 7%

The maker of Dunhill and Lucky Strike cigarettes disappointed investors when it opted against a fresh buyback programme last year to focus on reducing debt and investing in new products

Godfrey Phillips Q3 results: Profit rises 6% to Rs 212 cr, revenue up 34%

The company reported a consolidated net profit of 2.12 billion rupees (~$26 mln) for the quarter ended Dec. 31, up 6.6% from last year

IIP growth slows down to 3-month low of 5.8% in September: NSO data

The growth in manufacturing output decelerated to 4.5 per cent, whereas output in electricity and mining accelerated to 9.9 per cent and 11.5 per cent respectively from last month

No compromise on OTT rules on display of anti-tobacco warnings: Govt

There is no compromise on OTT Rules 2023 requiring online streaming platforms to incorporate anti-tobacco warnings in their content, the Union Health Ministry asserted on Saturday and warned of action in case of non-compliance. The ministry termed as "false, misleading and based on misrepresented facts" a media report that recently claimed that the Union Government has reached an uneasy compromise with OTT (over-the-top) streaming services on adding smoking warnings to their content. "The report further claims that some platforms have chosen less intrusive warnings as a result of such an agreement. "The media report is not factually correct and does not reflect the correct picture of the Union Government's commitment towards improving public health as one of its priority duties," the ministry said in a statement. Considering public health as a priority issue, the government has extended the COTP (Cigarettes and Other Tobacco Products) film rules to OTT platforms also. The OTT Rul

India to find 'pragmatic solutions' on tobacco rules for streaming firms

To curb tobacco use, India in May ordered streaming platforms to insert static health warnings during smoking scenes and at least 50 seconds of anti-tobacco disclaimers at the start

Godfrey shareholders reject proposal to sell unmanufactured tobacco

Shareholders of Godfrey Phillips India have rejected the company's proposal for a related party transaction to annually export unmanufactured tobacco worth up to Rs 1,000 crore to Philip Morris Products SA. Philip Morris Products SA is a member entity of the group to which Philip Morris Global Brands Inc, USA -- a promoter shareholder of the company. As many as 57.94 per cent of the shareholders present at Godfrey Phillips India's annual general meeting on September 1 voted against the "material related party transaction between the company and Philip Morris Products SA". The proposal was to continue supplying unmanufactured tobacco to Philip Morris Products SA on an arm's length pricing and non-exclusive basis, subject to the condition that the aggregate value of the sale/export of the unmanufactured tobacco is up to Rs 1,000 crore in a financial year. The resolution was supported by only 42.06 per cent of the total votes polled in the AGM. An ordinary resolution is passed by a .

Experts stress on making regulatory framework to reduce tobacco consumption

In a series of conclaves to explore alternative approaches for reducing tobacco consumption, experts have underscored the need for a dynamic regulatory framework accommodating safer alternatives and empowering adult smokers to make informed decisions. At the interactive seminars held across Delhi, Bengaluru and Mumbai, over 100 doctors and public health experts proposed a comprehensive framework to generate scientific evidence that supports harm reduction strategies and promotes a healthier India. Dr Chandrakant S Pandav, a global public health expert, said, "There is a need for a balanced approach, considering both the potential harm reduction alternatives and the regulation of tobacco products." "Research and science-based approaches are crucial in distinguishing different tobacco products. It is important to consider safer alternatives for individuals who are finding it challenging to quit smoking, particularly given the additional challenges posed by the grey market," he said.

Public health groups urge GST Council to raise cess on tobacco products

Public health groups along with doctors and economists have urged the Goods and Services Tax Council to increase compensation cess on all tobacco products in order to generate additional revenue for the government. They argued that such as a step of higher taxation will also motivate millions of tobacco users to quit and prevent youngsters from initiating tobacco use. According to them, tax revenue from tobacco could significantly contribute to the increased need for resources and augmenting the health infrastructure. "There has not been any major increase in tobacco taxes since the introduction of the Goods and Services Tax (GST) in July 2017 and all tobacco products have become more affordable over the past three years," Bhavna Mukhopadhyay, Chief Executive, Voluntary Health Association of India, said. The total tax burden (taxes as a percentage of final tax inclusive of retail price) is only about 52.7 per cent for cigarettes, 22 per cent for 'bidis' and 63.8 per cent for ...

GST Council meet: Stricter tax regime for tobacco items likely in phases

No consensus yet on retail sale price-based levy on some items

ITC's FMCG revenue up 20% in FY23 as it aims to de-risk from tobacco biz

ITC's revenue growth is impressive as compared to 9 per cent in FY22 and 11 per cent in FY21

40% cancer cases caused by tobacco, alcohol; no clue in 20% cases: Expert

"The maximum number of patients of breast cancer and cervical cancer are found in women in urban areas. Cervical cancer patients are found more in rural areas than breast cancer patients"

Plea to I&B on smoking, tobacco warning: Prevent authority duplication

The OCCPs' letter argues that the I&B Ministry drafted the IT rules of 2021 only after a detailed study of global best practices, making them well-founded

Netflix, Amazon, Disney-backed group protests India's tobacco rules: Report

As part of India's anti-tobacco drive, the health ministry last month ordered streaming platforms to insert static health warnings during smoking scenes within three months

Netflix, Disney and Amazon to challenge India's tobacco rules for streaming

As part of India's anti-tobacco drive, the health ministry this week ordered streaming platforms should within three months insert static health warnings during smoking scenes