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September 08, 2025

Daily Morning Report Date: 08.09.2025
NIFTY OUTLOOK: 24741.00 FII -1304.91 cr DII 1821.23 cr
(8th – 12th September 2025)
As discussed in the previous report dated 25th August 2025, market behaviour remained on expected lines as Nifty successfully defended the bullish gap of 12th May 2025 and rallied up to 24980.75.
A bullish opening marubozu candle with an upper shadow appeared on the daily chart, suggesting buyers are trying to take control but further strength is needed for continuation.
On a decisive breakout above 24870, Nifty may rally up to 25000–25130, with a possible test of 25260 if demand strengthens.
However, the upper shadow indicates resistance and selling pressure at higher levels. On a decisive breakdown below 24612, Nifty may slide to 24483–24353, and if supply increases further, it may test 24224.
Bank Nifty OUTLOOK:
SPOT: 54114.55 Pcr: 0.86 Max CE OI: 57000 Max PE OI: 54000
On 5th September 2025, Bank Nifty closed at 54114.55 (+39.10 / +0.07%). The total movement during the session was 588.50, with a high of 54308.05 and a low of 53719.55.
Technical View:
Key support and resistance levels are 53750 and 54500.
Intraday support and resistance are 53950 and 54280.
Intraday Strategy:
Go long above 54270 with SL 54220 and target 54450.
Go short below 53950 with SL 54006 and target 53790.
RSI for Bank Nifty is at 37.90. Below 30 is oversold and above 70 overbought.
Bank nifty Day SMA Analysis:
Bank nifty is trading above 3 out of 8 SMA’s (5,150, 200 Day).
Bank nifty is trading below 5 out of 8 SMA’s. (10, 20, 30, 50,100 Day)
One bullish double candlestick Pattern was identified in bank nifty.
• Homing Pigeon
Macros
1.Dollar index @ 97.73
2.Vix @ 15.18 (-0.78%)
3.Brent crude @ 65.50
4.U.S. 10 years bond yield @ 4.086
Note: After a weaker-than-expected U.S. payrolls report highlighted slowing economic conditions, investors now anticipate accelerated monetary easing, with increased chances of a jumbo rate cut this month.
U.S. President Donald Trump signaled readiness for a second phase of sanctions on Russia, the strongest indication yet of ramping up pressure on Moscow or its oil buyers over the Ukraine war. Treasury Secretary Scott Bessent said the U.S. and EU could impose "secondary tariffs" on countries purchasing Russian oil, potentially pushing Russia’s economy to the brink and forcing President Putin to the negotiating table.
Tensions between the U.S. and Russia may intensify, and crude oil could rise sharply if secondary sanctions are imposed.
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Data watch
1.Fiis net long 7.3 % (Highly oversold).
2.Fiis sold -1304.50 cr in cash segment, sold 96..65 cr in index and bought 2006 in stock future
3.Vix @ 10.78(-0.73%)
4.Pcr @ 0.75 (Weekly) , 1.08 (Monthly)
OI position of institutions & retail
Fiis sold 1353 contracts on long side and added 1485 contracts on short side. Net short -2838 contracts.
Diis bought 341 contracts on long side and sold 2350 contracts on short side.Net short 2691 contracts.
Retail bought 763 contracts on long side and sold 707 contracts short positions.Net short 56 contracts.
Note: Fiis continue to sell in all segment, Fiis net long is @ 7.3% (extremely in oversold position) any dips in nifty will be buying opportunity.
In spite of all the steps taken by Govt (GST cut & no tax on 12 lakh rs ) to increase disposable income & reduce price of goods. Equity markets did not reacted as expected all gap up gains were given on same day. As we are analyzing we may have to wait for 2-4 months to see how all these steps taken by the govt materialsed. Dec quarters earning will give some picture ( since festive season will set in consumption will increase ).
Conclusion: Stock specific should be the approach going forward (Many stocks we recommended all time high & some high 52 weeks high).
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Contributed by
Ashok bhandari : INH000019549
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BIG TECH COMPANIES LIKE AMAZON, MICROSOFT, META, ORACLE, SALESFORCE, AND INTEL HAVE CUT THOUSANDS OF JOBS IN 2025.
SO FAR, OVER 100,000 TECH WORKERS HAVE LOST THEIR JOBS THIS YEAR AS COMPANIES TRY TO SAVE MONEY AND SHIFT TOWARD AI AND AUTOMATION.
KRYSTAL INTEGRATED SERVICES – NEW SUBSIDIARY
Incorporated a wholly owned subsidiary, Krystal Ports & Harbour Pvt Ltd, on Sept 6, 2025, in Maharashtra.
Authorized & subscribed capital: ₹1,00,000 (10,000 equity shares of ₹10 each).
Focus: Port & harbour construction, operation & maintenance.
Aims to expand portfolio & reduce risks.
Russia launched a major drone and missile strike on Kyiv, causing a fire at Ukraine’s Cabinet of Ministers building.
The attack hit residential areas and multiple regions across Ukraine.
About 1,000 drones attacked Ukraine overnight, which may be a record.
EIGALL INDIA – SOLAR POWER LOI
Received Letter of Intent from MSEDCL under Mukhyamantri Saur Krushi Vahini Yojana 2.0.
Capacity: 190 MW grid-connected solar power projects in Maharashtra.
Further details to follow after Letter of Award
AMBER ENTERPRISES | ₹1100 Cr Fundraising in ILJIN Subsidiary
Agreements Signed: Shareholders & Securities Subscription Agreements with ILJIN Electronics (India) Pvt Ltd (subsidiary), Hyun Chul Sim & investors (Raptor, Two Infinity Partners, ChrysCapital).
Deal Size: ₹1100 Cr
• ₹25 Cr via 38,414 equity shares
• ₹1075 Cr via 16.52 lakh CCPS
Impact on Shareholding: Amber’s stake in ILJIN to reduce after CCPS conversion.
Utilisation: Funding earmarked for organic & inorganic growth in electronics business.
Investor Rights: Includes board representation & pre-emptive rights.
REFEX INDUSTRIES | Allotment of OCDs in Subsidiary
Subsidiary: Venwind Refex Power Ltd (VRPL), engaged in wind & solar power.
Issue Size: ₹43 Cr via 4.3 Cr Optionally Convertible Debentures (₹10 each).
Tenure & Conversion: Convertible within 9 years 11 months.
Objective: To meet funding needs of VRPL.
Shareholding: No immediate change; Refex holds 75.5% in VRPL.
Compliance: As per Companies Act & SEBI guidelines.
Fresh Report
PM Narendra Modi will skip the United Nations General Assembly session later this month, according to the revised list of speakers.
Instead, External Affairs Minister S. Jaishankar will represent India and deliver the country’s address at the UNGA on September 27.
RSC INTERNATIONAL – MANAGEMENT CHANGES
Appointments:
Mr. Ramji Das Agrawal – Addl. Director
Mr. Shailesh Agrawal – Addl. Director & MD
Ms. Shruti Thakkar – Addl. Director
Mr. Ronak Mistry – Addl. Director
Ms. Vasantiben Menat – Addl. Director
Resignations:
Mr. Gyanchand Jain
Mr. Ankur Jain
Mrs. Alka Jain
Mr. Jitendra Bansal
Mr. Vinod Mishra
Mr. Subhash Jain
Mr. Deepak Kumar Goyal
AGM scheduled on Sep 30, 2025.
Adani Group looks to invest USD 60 Bn in power, RE sectors till FY32 (Agencies)
SPICEJET QI PERFORMANCE
Q1 Performance reflects extraordinary headwinds confronting aviation sector, driven by geopolitical turbulence
Achieved zero level 1 findings in DGCA aafety audits for over a year
Transported nearly 15,500 pilgrims from Gaya, Srinagar, Guwahati and Kolkata to Jeddah and Medina
SPICEJET – Q1 FY26 UPDATE
Key Developments
• SC dismisses Kalanithi Maran’s ₹1,323 Cr claim.
• Acuité Ratings upgrade: BB- (Stable) long-term, A4+ short-term.
• Successfully transported ~15,500 pilgrims.
Operational & Strategic Highlights
• Zero DGCA Level 1 findings >1 yr.
• 19 engines dispatched for Boeing & Q400 maintenance.
• ~10 aircraft to be ungrounded by Apr’26 (4-5 in early winter).
• Lease secured for 10 Boeing 737 (from Oct’25).
• Lease obligations worth $121.18 mn restructured with Carlyle Aviation.
Financials (Q1FY26 vs Q4FY25)
• Revenue: ₹1,106 Cr ↓23.5%
• Total income: ₹1,191 Cr ↓38.7%
• Opex: ₹1,429 Cr ↓12%
• Operating loss: -₹78 Cr (vs profit ₹82 Cr
• PAT: -₹238 Cr (vs profit ₹319 Cr)
Key Metrics
• Load factor: 85.9% (vs 88.1%)
• RASK: ₹5.47 (vs ₹7.59)
• CASK: ₹6.56 (vs ₹6.35)
YoY (Q1FY26 vs Q1FY25)
• Total income: ₹1,191 Cr ↓42.5%
• Expenses: ₹1,429 Cr ↓25.5%
• PAT: -₹238 Cr (vs profit ₹150 Cr)
Cash Balance
• ₹483 Cr
BRICS leaders are meeting tomorrow to discuss President Trump’s sweeping tariff threats.
Exactly 2 months ago, I spoke with Jim O’Neill - the very man who coined the 'BRIC' acronym. Think it is a good idea to summarise his views.
10 points.
1. Jim said he’s 'amused & confused' each time Trump talks about BRICS - often missing who’s even in the group.
2. While Trump rants about BRICS, he’s been careful not to impose tariffs on Russia- "arguably the most vocal member". He calls out the inconsistency.
3. Jim argues that BRICS has done very little collectively- their big impact is symbolic, exposing flaws in global governance & Western overrepresentation.
4. By attacking BRICS, Trump may be accidentally turning it into a more cohesive bloc. Even as its members rarely agree or act in unison.
5. Jim O’Neill bluntly dismissed the idea of a joint BRICS currency, citing his experience with the Euro.
6. Jim sees the dollar losing reserve currency dominance over time BUT due to U.S. policy contradictions, not BRICS actions.
7. "You can’t defend the dollar’s dominance while attacking the Fed, ballooning deficits & throwing legal institutions under the bus" - Jim O’Neill
8. O’Neill praised India’s dual positioning - respected by the Global South, yet courted by the G7. He called it "one of the world’s rare growth stories"
9. To seize its moment, India must make its labor & capital markets more efficient..
10. As for the U.S., Jim says while markets are watching Trump’s tariff moves there is a deeper issue - "unless the U.S. raises domestic savings & rebalances its economy, tariffs alone won’t fix trade deficits"
EXPORTERS SEEK RELIEF
Exporters to meet RBI Governor on September 11 seeking relief
Industry wants easier loan repayment norms, waiver of penal interest
Exporters push for 12-month moratorium on credit repayment
Demand for relaxed NPA classification on export loans up to 180 days
Call for sovereign guarantee scheme to aid entry into new markets
PBOC INCREASED GOLD RESERVES IN A 10-MONTH STREAK
China's Gold reserves increased to 74.02 million ounces(Prev. 73.96M), and the value of gold reserves was $254 bln vs the previous $244 bln.
End-Aug forex reserves are $3.3221 trillion, $29.9 billion more than the previous $3.2923 tln
Today is Sunday, September 7, 2025.
The OPEC+ group of eight meets at 2:30 PM Vienna time.
If they unwind the 1.6 mb/d voluntary cuts, Saudi Arabia wins.
If not, oil prices will surge Monday and beyond, Saudi Arabia wins!
However, the timeframe matters, warranting separate discussion.
Hyundai Motor India Limited announces price reduction of upto INR 2.4 lacs
To Pass on full benefit of GST Rate Cut to Customers
Electronics Mart India Ltd – New Store Launch
• Started commercial operations of a new Multi Brand Store under the ‘BAJAJ ELECTRONICS’ brand.
• Location: Telangana
• Date: Sep 07, 2025
• Store area: 8,760 sq ft
Hyundai Motor India announces price cuts of up to ₹2.4 lakh across models, passing on the full benefit of the GST rate reduction to customers, effective September 22, 2025
BSE, NUVAMA
Securities Appellate Tribunal (SAT) will hear the case filed by high-frequency trading firm Jane Street challenging SEBI’s order on index manipulation on September 8.
ETERNAL ; FOOD DELIVERY TO GET COSTLIER
From Sept 22, 18% GST on delivery platform fees will increase costs.
▪️ Zomato users may pay ~₹2 more/order
▪️ Swiggy users may pay ~₹2.6 more/order
CBIC SAYS
It has come to notice that an informal message claiming to be from Chairman CBIC is being widely circulated on social media claiming that certain Transition Benefits under GST will be applicable from 22nd September 2025 on issues related to:
Unutilized cess credit, ITC of exempted supplies;
New price adjustment provisions etc
It is hereby informed that such claims are factually incorrect and misleading
It is requested that general public, members of the trade and industry and other stakeholders should only refer to the official Government issued notifications, circulars, FAQs, etc. for better understanding of the next generation reforms under GST
8 OPEC+ members agree to increase oil production by 137 thousand barrels per day in October
KATI PATANG (BSE-listed)
Owns the premium beer brand Kati Patang via 98% subsidiary Empyrean Spirits Pvt. Ltd.
Award-winning beers crafted with Indian ingredients
Available in India, US & UK
CONCORD CONTROL SYSTEMS : BONUS ISSUE
Board recommends 3:5 bonus → 3 new equity shares for every 5 held, subject to shareholder approval.
Pre-Bonus Paid-up Capital: ₹6.33 Cr
Post-Bonus Paid-up Capital: ₹10.12 Cr
Bonus Requirement: ₹3.80 Cr
Securities Premium: ₹68.37 Cr
Surplus: ₹36.83 Cr (as of Mar 31, 2025)
???? Bonus shares expected to be credited by Nov 6, 2025.
SOURCES SAY
SEBI Board to meet this week on September 12
Board may approve extended timelines to meet 25% MPS norm
Extended MPS timelines may provide flexibility for new listings
SEBI likely to approve a single-window system SWAGAT-FI
SEBI likely to approve Swagat FI to simplify foreign investment in India
MFs may be allowed to undertake non-core businesses
AMCs may be permitted to offer management & advisory services to pooled non-broad-based funds
White House economic advisor Hassett: there'll be talk today, tomorrow about Russia sanctions
US HEALTH INSURERS HIKE PREMIUMS AT FASTEST PACE IN 15 YEARS, DEEPENING CONCERNS OVER CONSUMER COST BURDEN: FT
Battery Energy Storage System / BESS: The opportunity is massive.
India’s NEP-14 projects that by 2032, the country will need:
· 365 GW solar
· 122 GW wind
· 47 GW / 236 GWh of BESS
As of June 2024, India had only 500 MWh operational BESS — but a pipeline of 121 GWh under execution/tendering.
This is a multi-decade buildout story, similar to how solar grew from 2 GW in 2011 to 70+ GW today.
Some Emerging Companies in this sector - JSW Energy, ACME Solar, Oriana Power, Bondada Engineering, KPI Green Energy
@beatthestreet10
Dev Accelerator IPO
Business Model
- Focused on Tier 2 Cities which generally has high demand but lower supply
- Back to Back Model (Space Pre Filled) for 70% of the Assets
- Inhouse Sales and Design Team gives them edge over competitors in terms of margins
- Enhancing customer experience through integrated solutions like IT and HR Support
- Targets to double operational area in next two years
CEAT | Nuvama Update
Rating Upgrade: Buy
Target Price: ₹3,900
Key takeaways from Camso buyout call:
• Revenue run-rate at USD 130–150 mn, utilisation at 50%
• EBITDA margin in low teens, seen rising to 20% over medium term
• Acquisition value USD 225 mn → Paid USD 138 mn; Balance USD 43 mn (FY27E) & USD 44 mn (FY29E)
@beatthestreet10
SWIGGY | Nomura Update
Initiation: Buy
Target Price: ₹550
Highlights:
• Food Delivery on a steady profitability path & a key cash generator
• Quick Commerce in challenger position, profitability likely to improve
• Well funded to scale QC further → low risk of dilution
• Macro slowdown could pose risk to online FD growth assumptions
@beatthestreet10
ETERNAL | Nomura Update
Rating: Buy
Target Price: ₹370
Highlights:
• Food Delivery on steady growth path with improving profitability
• Quick Commerce — contribution margin bottoming out; inventory-led model to aid margin expansion
• Key risks: FD slowdown & QC competition
• Valuations: 40x FY28F EV/EBITDA for FD & 1.2x EV/GOV for QC
SPICEJET | Nuvama Update
Rating: Hold
Target Price: ₹40
Q1FY26 Performance:
• EBITDAR at ₹123 mn vs ₹2.8 bn YoY
• ASKM -28%, PLFs -736 bps, CASK +8%
Highlights:
• ASKM fell 28% YoY due to operational fleet reduction
• Yields +2% YoY (vs IndiGo -5%)
• Fleet expansion delayed despite ₹30 bn QIP & restructuring of lessors’ dues
• IndiGo read-through: Q2FY26 stable revenue; SJ’s scheduled flights flat YoY
• Revival gradual post-QIP; turnaround remains key monitorable
Estimates:
• Cutting FY26E/27E EBITDAR by 14% each
SAMVARDHANA MOTHERSON | Jefferies Update
Rating: Buy
Target Price: ₹110
Highlights:
• Ambitious gross revenue target of USD 108 bn by FY30 (~5x FY25)
• 25–33% to come from non-auto (vs 4.5% in FY25)
• Strategic pivot from autos → broader manufacturing (electronics, aerospace, etc.)
• Strong manufacturing capabilities & expanding addressable market support growth story
SWIGGY | Citi Update
Rating: Buy
Target Price: ₹465
Highlights:
• Quick Commerce (QC): Margins break-even expected in 2–4 quarters
• Rapido stake sale on track
• QC economics to improve with mature store network
• Medium-term adj. EBITDA margin target: 4–5%
• FD margins expanding despite GST on delivery charges
• Majority of FD orders from loyalty subscribers
• Lower dark-store capex & QC losses to reduce cash burn
• Marketing leverage to further aid profitability
ANTIQUE ON CYIENT DLM
Target Price: ₹570 | Rating: Buy
Key Highlights:
• Cyient DLM (CYIENTDL) is set to regain strong operational growth
• Expanding order book via geographical & sectoral diversification
• Operating margin scaling up from 9% in FY25
• Strong infrastructure allows potential revenue doubling without major capex
• Green shoots visible: rising order inflows + improving margins
Financial Outlook (FY25-28E CAGR):
• Revenue ↑ 20%
• EBITDA ↑ 30%
• PAT ↑ 38%
• OPM: 10.7% (FY26E) → 11.3% (FY27E) → 11.6% (FY28E)
KEY DATES-SEPTEMBER
SEPTEMBER 6-AUTO COMPANIES START ANNOUNING PRICE CUTS
SEPTEMBER 7-21-SHRADH (PITRA PAKSH)
SEPTEMBER 17-VISWAKARMA PUJA AND FED FOMC MEET
SEPTEMBER 22-NAVRATRI STARTS/NEW GST RATES EFFECTIVE
AUDI INDIA REVISES PRICES
Audi India announces revised prices across its product portfolio to pass on the full benefits of the GST cut to customers – NDTV Profit.
Audi Q3 ↓ ₹3.7 Lk → ₹43 Lk (from Sept 22)
Audi Q4 ↓ ₹2.64 Lk → ₹46 Lk (from Sept 22)
Audi Q5 ↓ ₹4.5 Lk → ₹63.75 Lk (from Sept 22)
Audi Q6 ↓ ₹3.64 Lk → ₹63 Lk (from Sept 22)
Audi Q7 ↓ ₹6 Lk → ₹86 Lk (from Sept 22)
Audi Q8 ↓ ₹7.8 Lk → ₹1.09 Cr (from Sept 22)
ACME SOLAR SECURES 2 GWH BATTERY ENERGY STORAGE ORDER
ACME Solar has placed a 2 GWh Battery Energy Storage System (BESS) order through Posco International Corp, with deployment planned within 12–18 months.
Platinum Industries :
Appoints Ashok Bothra As CFO
Ideaforge Technology :
Appoints Vipul Joshi As Whole-Time Director For 5 Years
KRYSTAL INTEGRATED:
CO INCORPORATES UNIT FOR PORT & HARBOUR BUSINESS
CONCORD CONTROL SYSTEMS:
CO APPROVED ISSUE OF BONUS SHARES IN RATIO OF 3:5
Aegis Logistics :
Co to Invest ₹99.8 Cr In Proposed Capacity Addition At Mumbai Port
NOMURA ON ETERNAL
Target Price Rs 370 vs Rs 300 earlier (Maintain Buy)
Maintaining growth leadership in FD & QC
Food Delivery (FD) is on a steady growth path and improving profitability
Quick Commerce (QC) - CM bottoming out; inventory-led model to aid margin expansion
We believe FD is now a stable business with 15-20% YoY annual growth and disciplined industry dynamics with two players
In QC, we believe market expansion in the form of new 4000 categories will continue
We assign 40x FY28F EV/EBITDA to the FD business and a 1.2x EV/GOV to the QC business
Key risks: a slowdown in the core online FD business and heightened competition in QC
Ola Electric Mobility Ltd. : Big MF Entry
Motilal Oswal Entered into Ola Electric Big Way. Motilal Oswal Mutual Fund bought more than 1 Crore+ shares in August 25 in New Funds. Motilal Oswal also increased also position in some other Funds
HERO MOTO ; Harshavardhan Chitale Appointed As The CEO Of The Company w.e.f Jan 5, 2026
CEA sees US tariffs impacting India GDP by 0.5%-0.6% this year
VARUN BEVERAGES: 14.7 LKH SHARES EXCHANGED VIA BLOCK DEAL
JP POWER: ADANI, VEDANTA, KOTAK & OAKTREE EYE JP POWER STAKE - ET REPORT
₹3,800 Cr CCPS bid for JP Power on the table.
Potential 25% stake could trigger open offer for majority control.
Winning bidder may gain leverage to acquire Jaiprakash Associates (base price ₹12,000 Cr).
Strong competition among top corporates (Adani, Vedanta, Kotak, Oaktree).
AUTO ; AUG FADA DATA
CV Sales Up 8.6% At 75,592 Units Vs 69,635 Units (YoY)
PV Sales Up 0.9% At 3.23 Lk Units Vs 3.20 Lk Units YOY
3-Wheeler Sales Down 2.3% At 1.03 Lk Units V 1.05 Lk Units (YoY)
GODREJ CONSUMER: Management says FY26 will be better for most companies than earlier expectations
5–6 days in August were impacted by heavy rains in North India
35% of company’s business is from soaps, will benefit from GST cut
Soaps business likely to grow faster due to GST reduction, impact not quantified yet
Growth expected in ancillary categories due to more money in hands of consumers
Slight lag possible until MRP changes reflect in the market
15 days of sales in September likely to be choppy due to pipeline changes
All FMCG companies are committed to dropping prices
NUVAMA ON VEDANTA
Unconvinced by rationale to acquire the group of assets
Getting into unrelated businesses when the priority should be deleveraging
In demerged entity, it will house this asset under Vedanta Ltd only where funding entire 170 bn will be difficult
Culmination of the transaction is likely to restrict any re-rating of the stock
Settlement Day For Today's Trades Is Wednesday, Not Tuesday
Effectively, Only Today Is T+2 Settlement
PRIME FOCUS ; 1.2 CR SHARES EXCHANGED VIA BLOCK DEAL
NOTE ; ON FRIDAY , RAMESH DAMANI, MADHUSUDHAN KELA FUND BOUGHT STAKE
HAL.; GTRE Proposes Manik Engine for HAL's CATS Warrior UCAV Amid Push for Indigenous Propulsion Upgrades - IDRW
UNO MINDA Management says Not A Significant Impact On Co Due To Change In GST Rates - CNBCTV18
UNO MINDA Management says Prices For Auto Parts Will Come Down On GST Announcements- CNBCTV18
KINGS INFRA : Kings Infra and Sri Aqua Seafoods Set 30th September Cutoff for Valuation; Integration aims to Unlock Synergies in Sustainable Aquaculture
SERVOTECH: The company has signed a strategic partnership with Zhuhai Piwin New Energy, China, for battery energy storage system technology and local manufacturing in India.
This collaboration supports the Make in India initiative and strengthens domestic clean energy solutions.
It will enhance grid stability, energy security, and renewable integration.
ITC , GODFREY, VST IND ; Govt mulls mechanism for additional levy on tobacco-related items - NDTV PROFIT
Two options include increasing central excise duty on different categories of tobacco
Another option is to introduce a health levy, requiring amendment in the Act through Parliament
The additional levy is expected to be implemented in Q4 of the fiscal
Govt says tax incidence will remain the same on tobacco items
Other items in the 40% special rate-luxury cars, bikes, carbonated drinks-kept out of levy

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