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Analysts now fear that this trend could reverse.For ITC, which was seeing resilient cigarette volume growth in past few quarters, this levy has the effect of pushing possible catalysts (volume resilience and uptick in EBIT growth from 2HFY26E) further out, JM Financial said, adding that concerns over illicit trade are likely to re-emerge.Some brokerages, however, see partial downside protection at current levels

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2 While these promotions were framed as outreach, they reflected the same micro-targeted marketing tactics that once sold cigarettes to specific communities

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