Shares of FMCG major ITC dropped nearly 3% to hit a fresh record low on Wednesday, with Motilal Oswal Financial Services remaining cautious on the stock after steep tax hikes on cigarettes.

ITC shares dropped to a fresh 52-week low of Rs 275.50 apiece on NSE in the morning trading hours of Wednesday. The stock is currently among the top losers on Sensex and Nifty, following the IT stocks, which crashed up to 7%.

Why are ITC shares falling today?

Motilal Oswal Financial Services, in its latest note, highlighted that the cigarette industry is witnessing one of its most disruptive regulatory resets after the implementation of GST 2.0, effective from February 1, 2026. The revised taxation framework has resulted in around 60-65% surge in cigarette taxes for ITC, implying the need for around 35% hike in MRPs (at historical mix), it further said, adding that this was the steepest hike seen historically and a sharp departure from the largely stable tax regime maintained during 2018-25.

The domestic brokerage highlighted that the transition has also been unusual due to the one-month gap between the announcement (January 1) and the implementation (February 1), compared to the typical immediate or near-immediate execution seen historically. To tackle the high taxes, ITC has adopted a calibrated and phased price hike strategy instead of taking an upfront full tax pass-through, with the objective of limiting the shift toward illicit cigarette markets and retaining market share among legal players, it added.

Motilal believes the current phase can be viewed in two stages. The first stage represents a transitionary adjustment period wherein ITC is gradually taking price increases to eventually reach tax-neutral levels. The second stage, according to the brokerage, is likely to emerge once the full tax increase is absorbed into retail prices and the competitive equilibrium between legal and illicit trade stabilises.

How will tax hikes impact ITC’s earnings?

“We expect volatility in cigarette volumes and EBIT to moderate from the initial transitionary phase. In this normalized phase, ITC’s product portfolio, innovation pipeline, and premiumization strategy will play a critical role in rebuilding the growth momentum and defending its market positioning. Given the MRP revisions are still underway, the outlook for ITC’s cigarette business remains uncertain. We do not rule out any possibility for further earnings cuts. That said, the extent of consumer acceptance for revised prices will be a key monitorable. We model 15% revenue decline and 19% dip in EBIT in the cigarette business in FY27,” the domestic brokerage said.

Meanwhile, ITC’s non-cigarette business continues to exhibit structural improvement, according to Motilal, which sees FMCG as a key growth driver. “Positive catalysts such as improving FMCG performance and paperboard margin normalization are overshadowed by the cigarette earnings headwind stemming from illicit competition, constrained pricing flexibility, and the inevitable volume-versus-margin trade-off that defines ITC’s near-term trajectory,” it added.

Also read: Cigarette business weakness drags ITC margins in March quarter

Tax hikes may weigh on ITC’s near-term volume

The domestic brokerage highlighted that recent tax hikes could weigh on ITC’s near-term volume, keeping growth subdued. It expects cigarette volume to decline 10% in FY27 and to remain flat in FY28. On the EBIT front, the high price differential after the tax increase constrains pricing flexibility, making it challenging to drive earnings growth, it added.
“We model 15% revenue decline and 19% dip in EBIT in the cigarette business for FY27. We model a negative EBIT CAGR of ~8% for the cigarette segment over FY26-28E,” Motilal said, adding that competitive pressure from illicit cigarettes will weigh on the formal cigarette industry.

ITC share price

The domestic brokerage has a ‘Neutra;’ rating for the shares of ITC, with a target price of Rs 300 apiece, implying an upside potential of nearly 6% from the stock’s previous closing price of Rs 283.25 apiece on NSE.
ITC shares have fallen more than 5% in one week, 12% in one month and around 24% so far in 2026. The stock is down more than 33% in one year. In the longer term, ITC shares fell more than 37% in three years but gained over 32% in five years.
Also read: Why stock market is crashing today?

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

IHS Markit (Nasdaq: INFO) is a world leader in critical information, analytics and solutions for the major industries and markets that drive economies worldwide. The company delivers next-generation information, analytics and solutions to customers in business, finance and government, improving their operational efficiency and providing deep insights that lead to well-informed, confident decisions. IHS Markit has more than 50,000 key business and government customers, including 80 percent of the Fortune Global 500 and the world’s leading financial institutions. Headquartered in London, IHS Markit is committed to sustainable, profitable growth.

Markets appear remarkably resilient in the face of the ongoing Middle East conflict. Despite a sharp rise in oil prices and a longer-than-expected duration, equity markets remain near highs and credit spreads have retraced much of their

NEW YORK — NBA agent Rich Paul has ignited a fierce debate over basketball’s greatest dynasty by asserting that Scottie Pippen’s contributions to the Chicago Bulls’ six championships in the 1990s were equal to those of Michael Jordan, suggesting the franchise icon would have zero rings without his longtime teammate.

Paul, best known as the longtime representative for LeBron James, made the comments during a recent episode of the “Game Over” podcast with Max Kellerman. The remarks, which quickly went viral, have divided fans, analysts and former players, reigniting discussions about team success, individual greatness and the delicate balance required for NBA championships.

“I think Scottie’s rings are the same as Michael Jordan’s. He was the most impactful player on the team. If you unplug Scottie Pippen off that team, Jordan is 0-6,” Paul said on the podcast.

The statement highlights Pippen’s versatile skill set — a 6-foot-8 forward with elite defense, playmaking ability and a 7-foot-3 wingspan who could guard multiple positions and initiate offense. Paul pointed to the Bulls’ depth of All-Defensive players and argued that Pippen’s two-way impact formed the foundation of their success from 1991 to 1998.

Pippen, a seven-time All-Star and Hall of Famer, is widely praised as one of the finest two-way players in league history. He earned six championships alongside Jordan, was named to the NBA’s All-Defensive First Team eight times and finished as the Bulls’ leader in assists and steals during much of the dynasty. Yet Jordan’s unparalleled scoring, competitive fire and clutch performances have cemented him as the face of those title teams.

The reaction was swift and passionate. Stephen A. Smith and other commentators addressed the take on ESPN’s “First Take,” with many pushing back on the notion that Jordan’s greatness depended so heavily on one teammate. Critics argue Jordan’s six Finals MVP awards and his ability to elevate teammates underscore his singular dominance.

Supporters of Paul’s view point to the 1993-94 season, when Jordan briefly retired to pursue baseball. Pippen led the Bulls to 55 wins and a deep playoff run, losing in the Eastern Conference semifinals to the New York Knicks. That performance, they contend, demonstrates Pippen’s value when carrying a heavier load.

Paul’s comments also extended to the broader supporting cast. He noted the presence of players like Dennis Rodman, who joined for the second three-peat, and the defensive-minded roster constructed around Jordan. Replacing Pippen with a generic All-Star, Paul suggested, would not have yielded the same results due to Pippen’s unique combination of size, skill and basketball IQ.

The controversy arrives amid ongoing debates about legacy and comparisons between eras, particularly involving James, whom Paul represents. Some analysts, including former NBA center Kendrick Perkins, suggested Paul’s remarks could inadvertently harm James’ standing in the greatest-of-all-time conversation by appearing to diminish Jordan’s individual achievements.

“This is where he has to stop, this is where he starts to hurt LeBron James GOAT case,” Perkins said on his podcast.

Jordan, who has largely stayed out of public debates in recent years, has not commented directly on Paul’s take. The six-time champion has historically credited teammates, including Pippen, for their roles in the Bulls’ success while maintaining his own drive as the primary factor.

Basketball historians note the Bulls’ dynasty was built on Phil Jackson’s triangle offense, elite scouting and a perfect storm of talent. Jordan’s scoring average of 30.1 points per game in the Finals, combined with his defensive improvements, created a winning formula. Yet the system’s reliance on complementary pieces underscores Paul’s broader point about team construction.

Pippen himself has been vocal in recent years about feeling underappreciated, particularly regarding his salary during the dynasty and his contributions beyond the spotlight. In his autobiography and interviews, he has discussed the physical toll of guarding the opponent’s best player while facilitating for Jordan.

The timing of Paul’s comments coincides with heightened NBA discourse as the 2026 Finals approach, featuring teams emphasizing modern two-way versatility similar to what Pippen exemplified. Today’s game rewards length, switchable defenders and multi-positional playmakers, traits that defined Pippen’s prime.

Analysts have drawn parallels to other iconic duos. Magic Johnson and Kareem Abdul-Jabbar, Shaquille O’Neal and Kobe Bryant, and more recently Stephen Curry and Kevin Durant all required chemistry and complementary skills. Few, however, matched the sustained dominance of Jordan and Pippen across two three-peats.

Paul’s perspective as a super-agent offers insight into roster building. His Klutch Sports Group prioritizes player empowerment and long-term career management, often emphasizing supporting casts around stars. His defense of Pippen aligns with arguments that undervalued role players and secondary stars deserve greater recognition for championship success.

Social media erupted with divided opinions. Some users praised Paul for highlighting Pippen’s overlooked excellence, while others accused him of revisionist history to elevate modern narratives. Clips from the podcast amassed millions of views across platforms within days.

Former Bulls players and coaches have offered mixed responses in interviews. Some emphasize Jordan’s leadership and killer instinct as irreplaceable, while acknowledging Pippen’s steady excellence prevented defensive collapses.

The debate extends beyond nostalgia. It touches on how success is measured in team sports — individual statistics versus intangible impact, regular-season dominance versus playoff clutch moments, and narrative control in legacy building.

Jordan’s six championships came with a perfect Finals record, an achievement that remains a cornerstone of his legend. Pippen’s career, while Hall of Fame worthy, included later stints with the Houston Rockets and Portland Trail Blazers that yielded no additional titles.

As the conversation continues, it serves as a reminder of basketball’s rich history and the subjective nature of evaluating greatness. Paul’s provocative take has succeeded in prompting reevaluation of the Bulls era, even if many reject his core premise.

For Pippen, now in his 60s, the renewed attention underscores his enduring legacy. Whether viewed as Jordan’s equal in impact or as the ultimate complementary superstar, his place among the all-time greats appears secure.

The episode highlights how sports discourse evolves with new voices challenging traditional views. In an era of podcasts and instant analysis, bold claims like Paul’s ensure legends of the game remain relevant to younger generations discovering the Jordan-Pippen era through highlights and documentaries.

Ultimately, the six championships belong to the entire organization — players, coaches, executives and fans. Paul’s comments, while polarizing, invite deeper appreciation of the supporting pieces that enable transcendent talent to shine. As the NBA moves forward, the lessons from that dynasty continue influencing team construction and player evaluation.

Although on Tuesday Reeves, in contrast, stressed that the red lines set out in Labour’s manifesto still stand, the chancellor has now clearly signalled a shift. She indicated in her Mais lecture that, wherever it was in Britain’s interest to do so, the government wants to align the UK’s regulatory regime with that of the EU in more areas.

Shares of Concord Biotech surged as much as 8.46% on Wednesday, hitting an intraday high of Rs 1,264.90, after the company announced that it had received approval from the U.S. Food and Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) for Mycophenolate Mofetil for Oral Suspension USP, 200 mg/mL.

According to the company’s regulatory filing, the approved product is an antimetabolite immunosuppressant used for the prophylaxis of organ rejection in adult and pediatric patients aged three months and older undergoing kidney, heart, or liver transplants. The medication is administered in combination with other immunosuppressive therapies.

The company highlighted that the approval aligns with its long-term growth strategy and is expected to strengthen its presence in the U.S. pharmaceutical market. Industry estimates suggest that the U.S. market for Mycophenolate Mofetil is valued at approximately US$30 million, providing Concord Biotech with a significant commercial opportunity.

In its disclosure, Concord Biotech stated that the approval was granted by the U.S. Food and Drug Administration (USFDA) and pertains specifically to Mycophenolate Mofetil for Oral Suspension USP, 200 mg/mL. The company noted that the approval will enhance its product portfolio and support expansion across both U.S. and international markets. There were no instances of withdrawal, cancellation, or suspension of the approval, and therefore no associated penalties or adverse financial impact.

Stock Performance and Valuation

Despite Tuesday’s rally, Concord Biotech’s stock remains significantly below its 52-week high of Rs 2,150. The stock’s 52-week low stands at Rs 987. The company currently commands a market capitalization of approximately Rs 12,200 crore.

On the valuation front, the stock is trading at a price-to-earnings (P/E) ratio of 42.56 and a price-to-book (P/B) ratio of 6.13.

Technical Indicators

The stock’s Relative Strength Index (RSI-14) stands at 56.2, indicating neutral-to-positive momentum. An RSI reading below 30 is generally considered oversold, while a reading above 70 signals overbought conditions.

From a trend perspective, Concord Biotech is trading above six of its eight key simple moving averages (SMAs), reflecting a broadly positive technical setup.

Shareholding Pattern

Institutional investor activity remained mixed during the March 2026 quarter. Foreign Institutional Investors (FIIs) marginally increased their stake in Concord Biotech to 7.79% from 7.58% in the previous quarter, reflecting continued investor interest. In contrast, mutual funds trimmed their holdings, reducing their stake from 4.44% to 4.30% during the same period.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Calamos Investments is a diversified global investment firm offering innovative investment strategies including U.S. growth equity, global equity, convertible, multi-asset and alternatives. The firm offers strategies through separately managed portfolios, mutual funds, closed-end funds, private funds, an exchange traded fund and UCITS funds. Clients include major corporations, pension funds, endowments, foundations and individuals, as well as the financial advisors and consultants who serve them. Headquartered in the Chicago metropolitan area, the firm also has offices in London, New York and San Francisco.  For more information, please visit www.calamos.com.