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NTC Industries (CMP 117, +42%) Brands: Total Gold Prestige Blue Bird Marlboro (some segment under collaboration) Hero Mustang Key Insights: ITC dominates the Indian cigarette market with a huge brand portfolio

Please note that the limit on the importation of tobacco products applies to all purchases, including Duty Free goods

Higher state cigarette taxes can have a final consequence, though it is difficult to quantify: smokers substituting cheaper "roll-your-own" cigarettes for commercial ones.[3] This "hand-rolled tobacco" may be smoked with or without a filter, thereby regulating the amount of nicotine according to the smoker's preference

You might think that by only smoking when youre young, you might be able to avoid the major long term health consequences of smoking