CIGARETTE Cos WILL FEEL THE PINCH
Article Abstract:
The cigarette industry's sales are Rs7,500 crore a year. ITC has 67 percent share by value, VST (13.2 percent, Godfrey Philips (12.8 percent), GTC (six percent) and others (one percent). The government of India has increased the excise duty of cigarettes from six percent to 11 percent in the 1998-99 budget. The profits of the cigarette manufactures are likely to be hit in 1998-99. Some of the companies are likely to increase the prices of their premium brands in the coming months. Most of them are not likely to pass on the increased cost to the consumers immediately. The government is likely to receive a revenue of Rs3,584 crore in 1998-99 against Rs3,326 crore of 1997-98. (rk)
Comment:
India: Cigarette industry reports annual sales of Rs7,500 crore
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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CIGARETTE FDIs REQUIRE CLEARANCE FROM JV Co
Article Abstract:
The government of India is expected to make it mandatory for foreign companies planning to set up wholly owned cigarettee subsidiaries in India to provide board resolution from their local joint venture partners supporting the move. The local cigarettee producing companies are opposed to the move to allow wholly owned subsidiaries in the cigarettee sector. The local industry opines that the foreign companies planning to set up wholly owned cigarettee subsidiaries in India should take up an export obligation for 50 percent of their total production and fulfill it. (ag)
Comment:
India: Foreign cos planning to set up cigarette subsids are required to have board resolution from JV partners supporting move
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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CIGARETTE SALES DECLINE 4%
Article Abstract:
The sales of cigarettes have declined by about 4 in the nine months ended December 1998. Clearance data compiled by the Tobacco Institute of India shows that 68,798 million sticks were shipped from factories during April-December 1998 against 71,547 sticks during April-December 1997. Industry sources expect this trend to continue and predict a 3-5 percent decline in cigarette sales during 1998-99. (khr)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
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