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ITC tanks 15% intra-day as GST Council increases cess on cigarettes
The incremental cess will mean that earnings will be downgraded as we do not believe the company will take huge price hikes. The stock had rallied sharply post the GST rate announcement in the last quarter, he says, as the incidence of tax was lower-than-expected and could have boosted volumes gooing ahead. Investors who missed the earlier rally and can hold for a period of two - three years can invest at the current levels.
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