Jefferies warned that the sharp hike in cigarette excise duty is clearly negative for ITC in the near term, likely hurting volumes and earnings. The brokerage called the move a major negative surprise for the legal cigarette industry, estimating over a 20% rise in effective tax incidence, and said it increases policy uncertainty despite its continued positive stance on ITC.
US stocks: US market ends down as oil prices, Treasury yields rise
In a turbulent day for Wall Street, the markets faced declines primarily driven by disappointing performances from Alphabet and Amazon, compounded by increasing Treasury yields.
September 23, 2026