Nomura says GST cuts will aid consumer goods formalization; Marico, Tata Consumer, Britannia among key beneficiaries.

• Britannia, Colgate-Palmolive to gain most from staples GST cut, biscuits and toothpaste categories seeing bigger margin benefits.
• Quick service restaurants, Bikaji snacks, and ITC stationery benefit as cheese and stationery GST falls to 5%.
• Cigarette GST hike risks 7% higher tax burden; ITC may pass costs, but volumes could decline.