Budget will keep ITC investors on tenterhooks, Nuvama says sharp tax hike unlikely

As India prepares for the Union Budget, ITC investors watch for potential cigarette tax policies. Brokerage Nuvama predicts a modest tax hike, despite urban slowdown. ITCs cigarette business shows growth potential, but FMCG struggles. Nuvama retains a ‘buy rating with a target price of Rs 571, implying a 29% upside from current levels.