Jefferies says the cigarette tax burden is likely unchanged, and ITC stock is seen as rangebound pending GST Council clarity.

• GST Council meets September 3-4 may change cess mix, though overall cigarette tax burden remains unchanged.
• ITC’s cigarette revenue share is at 40%, Jefferies maintains a buy rating, and expects stock movement after tax clarity.
• Jefferies keeps PT at 535 rupees, 32% upside; analysts’ median PT 496 rupees, stock down 11% YTD.