External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only.  Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>India Cigarette Tax Overhaul: Near-Term Margin and Volume Headwinds: The Government of India has notified a new tobacco tax structure effective 1st February 2026, replacing the earlier 28% GST plus compensation cess regime with 40% GST and a higher excise duty, while NCCD remains unchanged.</li><li>While the exact impact under new tax structure is still evolving, the higher levy is likely to force companies such as ITC and their peers to raise prices, which could dampen sales volumes in near term, leading to potential demand softness.</li><li>On the other hand, if the price hikes are delayed, companies could face pressure on operating margins.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

India Cigarette Tax Overhaul: Near-Term Margin and Volume Headwinds: The Government of India has notified a new tobacco tax structure effective 1st February 2026, replacing the earlier 28% GST plus compensation cess regime with 40% GST and a higher excise duty, while NCCD remains unchanged.While the exact impact under new tax structure is still evolving, the higher levy is likely to force companies such as ITC and their peers to raise prices, which could dampen sales volumes in near term, leading to potential demand softness.On the other hand, if the price hikes are delayed, companies could face pressure on operating margins.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ITC Ltd - Near Term Tax Hike Challenges; Rating Revised to HOLD