With the clarity emerging on new indirect tax rates on cigarettes, we believe net tax incidence on ITC would come down by 4.5% mainly due to elimination of cascading effect of taxes. Considering anti profiteering clause in place cigarettes prices are likely to come down by 2.5%. After five consecutive year of increase in duties & taxes on cigarettes, GST implementation has come as advantage for cigarettes companies. We believe the company would continue to concentrate on low priced (64 & 69 mm) cigarettes to derive higher volume growth. Notably 64 mm...