10Jul

Budget 2014 Market Live : Despite 11-72% tax hike in cigarettes, ITC stock up

Finance Minister Arun Jaitley today proposed a hike in excise duty on cigarettes another tobacco products between 11 and 72 percent. However, ITC, the largest manufacturer of cigarettes in India was trading about 1.3 percent higher as the duty hike has already been factored in by the markets.
An article in The Hindu earlier pointed out that the tax structure in India is so complex that most companies can escape the brunt of tax hikes.
Excise duty on Gutka was also hiked to 70 percent from current 60 percent.
Meanwhile, Indian equity markets are now trading higher with the Sensex up 60 points higher at 25512 and the NSE Nify up 21 points at 7606

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