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The government’s surprise hike in cigarette excise duties has rattled the investment case for ITC, prompting a wave of brokerage downgrades, earnings cuts and valuation resets as analysts brace for pressure on volumes, margins and long-term profitability.ITC shares tumbled to a three-year low of Rs 345.35 on Friday, extending a two-day rout that has wiped…
Tobacco stocks saw a sharp sell-off on Thursday after the finance ministry formally notified February 1 as the date for imposing additional excise duty on tobacco products, along with a health cess on pan masala. Shares of Godfrey Phillips India plunged as much as 10% in morning trade, while ITC fell over 8%.On the BSE,…
MUMBAI: British American Tobacco, the second largest shareholder of ITC Hotels, is looking to sell 7% stake in the hospitality company, worth Rs 3,000 crore, on Friday. The stake-sale is part of its broader strategy to exit ITC Hotels.The maker of Dunhill and Rothmans cigarettes is looking to sell its ITC Hotels shares at Rs…
Jefferies has a buy on Adani Power with the price target at Rs 195. Analysts said the company’s Sept quarter earnings before interest, taxes, depreciation and amortisation (EBITDA) was 4% lower than expectation due to lower utilisation on weak power demand. They also feel the recent thermal tariff power purchase agreements (PPAs) are being signed…
DGGI commenced their investigation based on confidential information suggesting Infosys had sought improper ITC refunds. Infosys, India’s second-largest IT services exporter, has been issued a showcase notice over alleged ineligible refunds. The GST Intelligence wing (DGGI) has reportedly served Infosys with a notice questioning their claim of input tax credit (ITC) refunds amounting to Rs…
New Delhi: Over a dozen firms, including leading private equity firms, are in the fray to acquire a 10-15% stake in Balaji Wafers, where the promoters are diluting their stake, industry sources said.PE firms, including Temasek, which recently acquired a 10% stake in Haldiram, along with TPG, ADIA (Abu Dhabi Investment Authority) and some 10…
