ICICI Securities Ltd | Retail Equity Research The government announced a 6% hike in excise duty across categories of cigarette against our assumption of 10% hike for FY18. We believe this would translate into nominal price hike requirement of ~3.0% by the company in order to pass on the additional burden from the hike. However, in the backdrop of subdued cigarette volumes due to steep excise hikes in the past years and recent disruption in the segment due to demonetisation, we believe the company may not take usual 8-10% price...