Shares of three cigarette makers were seeing mixed trend after the Union Finance Minister Nirmala Sitharaman announced the increase of National Calamity Contingent duty (NCCD) on cigarettes by 16%.
ITC (up 2.63%), VST Industries (up 0.90%) advanced while Godfrey Phillips India (down 2.08%) declined.The market largely feared either a hike in excise duty or NCCD duty on cigarettes and tobacco products, as the last tax hike was announced three years ago.
Finance Minister Nirmala Sitharaman presented the Budget 2023-2024 in Parliament. This is the final full-fledged budget of the Narendra Modi government before the general election next year.
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