Raw material cost inflation was the single biggest factor that hurt the margins. The raw material cost surged 29% year-on-year led by the rise in prices of leaf tobacco and wood. The raw material cost as a proportion of sales rose from 40.2% in the same quarter last year to 44.6% this year.
Sebi lowers stress testing limit for commodity derivatives
The Securities and Exchange Board of India (Sebi) has announced a significant reduction in the Z-score limit for stress testing in commodity derivatives, lowering it