Dec 20, 1999|
Smokestack valuations likely for the cigarette industry
The cigarette sales have declined in volume terms by 5.5% in April-November 1999 vis-à-vis the corresponding period last year. This was for three companies Indian Tobacco Company (ITC), Godfrey Philips and Vazir Sultan Tobacco (VST).
These three companies account for 95% of the total domestic cigarette sales and the sales figures are based on the cigarette clearances from their factories.
As against 61.568 bn cigarette sticks sold in between April-November 1998 sales have come down to 58.176 bn.
(Figures in million sticks)
The decline in cigarette sales is a part of the continuing trend. The reasons are:
- a continuous increase in excise duties over the last few year’s which has resulted in an increase in prices
- the fall of the mini segment which is the largest segment in terms of volume since the last budget increased the duty on this segment.
- Restrictions and bans on smoking on public places
- The gathering strength of the anti-smoking lobby.
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