Here's what every investor needs to know: The Trigger: New cigarette excise duty of 2,050-8,500 per 1,000 sticks (+ 40% GST) from Feb 1, 2026 The Damage: Stock down 23% from Feb 2025 peak 1.35 lakh crore market cap erased 6 major brokerage downgrades issued The Challenge: Cigarettes = 40% revenue but 80% profits Price hikes of 15-40% needed Volume loss to illicit trade threatens margins The Silver Lining: FMCG business growing 10% YoY 3.94% dividend yield remains attractive Diversified portfolio provides cushion Investment Takeaway: Short-term pain is real, but long-term investors might find value IF management navigates pricing successfully
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Occasionally we receive paintings into the studio that have been cleaned using rather too much force and vigour
Lancet Respir Med 4(2):116128 Leventhal AM, Strong DR, Kirkpatrick MG, Unger JB, Sussman S, Riggs NR et al (2015) Association of electronic cigarette use with initiation of combustible tobacco product smoking in early adolescence
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