Oriel Securities Ltd Reiterates Buy on Imperial Tobacco Group

Imperial Tobacco Group (LON: IMT)‘s stock had its “buy” rating restated by equities researchers at Oriel Securities Ltd in a report issued on Thursday. They currently have a $46.77 (2900 GBX) target price on the stock. Shares of Imperial Tobacco Group opened at 2315.00 on Thursday. Imperial Tobacco Group has a 52 week low of GBX 2112.00 and a 52 week high of GBX 2629.00.

The company’s market cap is £23.168 billion. A number of other firms have also recently commented on IMT. Analysts at Barclays Capital reiterated an “equalweight” rating on shares of Imperial Tobacco Group in a research note to investors on Friday, September 21st. They now have a $43.95 price target on the stock. Separately, analysts at JPMorgan Chase reiterated a “neutral” rating on shares of Imperial Tobacco Group in a research note to investors on Thursday, September 20th. They now have a $50.44 price target on the stock.

Finally, analysts at Nomura reiterated a “neutral” rating on shares of Imperial Tobacco Group in a research note to investors on Tuesday, September 18th. They now have a $35.97 price target on the stock. Imperial Tobacco Group PLC (Imperial Tobacco) is a tobacco company. Through the Company’s total tobacco portfolio it provides consumers a range of brands and products, including cigarettes, fine cut tobacco, cigars and snus.

Smoking ban challenge ends

The Missouri Supreme Court has declined to take up a case against Springfield’s 2011 smoking ban, officially ending the legal challenge filed by a local bar owner. “This is the end of the road,” said Jonathan Sternberg, a Kansas City attorney who has represented Ruthie’s Bar owner Jean Doublin in the case.

Sternberg said the state Supreme Court on Tuesday declined to hear Doublin’s challenge, which means the June decision by the Southern District Court of Appeals will stand. Appeals court judges had rejected Sternberg’s argument that the Springfield law — passed by voters after a successful petition drive — is in conflict with the Missouri Indoor Clean Air Act of 1992. Sternberg argued that a provision in the 1992 law allows bars and taverns to post signs “making nonsmoking areas unavailable,” granting a right to allow smoking that superseded the Springfield law.

Greene County Judge Jason Brown wrote in an October opinion that he thought Sternberg’s argument had merit, but he felt compelled to rule against Doublin because of an earlier appeals court decision in the Western District. Southern District appellate judges ruled against the challenge, as well, concluding the 1992 state law “is not a statute that was enacted to permit smoking or to protect the rights of smokers,” but instead is meant to prohibit smoking. “We still believe the court was wrong,” Sternberg said.

“But obviously the Missouri Supreme Court did not feel this was an issue of statewide importance or interest.” Sternberg said the high court’s decision not to hear the case means the Southern District opinion will be binding in this part of the state. “Salvation for the free market, if any, lies with the state legislature,” he said, referencing a bill Rep. Melissa Leach, R-Springfield, filed in the most recent session that attempted to exempt bars and some other businesses from smoking bans statewide. The bill died in committee when the session ended, but Leach said she may file it again.

Khargone dist of MP declared smoke-free

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Khargone, a district in Indore division, nearly 70 kilometers to the south of Indore, has now become the fourth district in the state to be declared smoke-free after Dhar, Burhanpur and Khandwa which achieved this status earlier this year. With this, Indore division is slowly heading towards getting smoke-free with only four districts including Alirajpur, Barwani, Jhabua and Indore waiting to be declared smoke-free.

With the fear of coughing up Rs. 200 for puffing in no-smoking zones, there has been a considerable fall in the habit of smoking in public places in these smoke-free districts where the ban has been implemented well. In a study conducted in nine blocks of the district by an independent agency, Indore School of Social Work, it was found that Khargone district scored above 80% in all the parameters that need to be fulfilled to achieve the smoke-free status.

It was found that 98.8% places had no-smoking signages, no active smoking was found at about 99.7% places, there were no promotional items of smoking at around 99.9% places, no cigarette and bidi butts were found at 92.3% places and there was no smell of smoking in 98.7% places. The study was conducted under the supervision of ISSW principal Dr Jacob Thudipara supported by co-investigator Dr Sudha Jain and a team of five field investigators. Madhya Pradesh Voluntary Health Association, which has been working on getting the smoking laws implemented, has said that it would now work on getting the remaining districts falling under the Indore division to become smoke free.

Programme officer Bikul Sharma added that an impact study needs to be conducted to ascertain whether there has been any fall in the sale of cigarettes and bidis but the act has at least helped in reducing the exposure to smoke to passive smokers. "Collector Navneet Kothari declared Khargone district as smoke free and we now aim to make the Indore division completely smoke free," said Mukesh Sinha, executive director of MPVHA which is working in the state for the last 38 years.

Getting the Act in place -Section 4 of The Cigarettes and other Tobacco Products (Prohibition of Advertisement and Regulation of Trade and Commerce, Production, Supply and Distribution) Act COTPA prohibits smoking in public places including workplaces, offices (government and private), public buildings, educational institutions, hotels, restaurants and bars, etc -Under this Act, Government of India has notified the smoke-free rules which came into effect from October 2, 2008 -Any person found smoking in a public place is liable to pay a fine of up to Rs. 200 -The offence is compoundable, that is, it can be settled on the spot by the enforcement officer or may be tried summarily in accordance with the procedure provided in the Code of Criminal Procedure, 1973 -The authorised officer will be considered a public servant while acting in performance of his duty under COTPA.

Tobacco farmers reject WHO’s proposal

Tobacco farmers have rejected the World Health Organisation (WHO)’s proposals to reduce hectarage for the tobacco crop and withdrawal of technical and financial support for the golden leaf. Zimbabwe Tobacco Association (ZTA) chief executive Rodney Ambrose said the proposals would negatively affect the tobacco industry and lead to massive job losses.

This followed WHO’s Framework Convention on Tobacco Control (FCTC)’s recommendations to suspend financial and technical support to the farmers and the dismantling of all tobacco bodies connecting growers with governments. WHO also urged the regulation of tobacco growing seasons and the reduction of the area allocated for tobacco farming.

But Ambrose said: “By suggesting to governments to phase out tobacco growing, these ideological recommendations put the jobs of more than 30-million farmers globally at risk without providing them with any economically viable alternative crop. “WHO has consistently refused to listen to tobacco growers in drafting the proposals that directly impact Africa’s farmers. “By doing so, they act like a blind man driving a steamroller without paying any attention to the consequences of their folly.”

According to ZTA, FCTC’s proposals were designed to force tobacco growers out of business by creating artificial restrictions on tobacco supply, while failing to address growing demand for the crop. “Now is the time for governments to act and oppose these draconian measures,” Ambrose said. Currently, there is an international online petition aimed at rallying governments worldwide to oppose the measures. ZTA also said FCTC’s proposals known as “articles 17 and 18” would be discussed at the Conference of the Parties 5 (COP 5) in Seoul on November 12 this year.

Tobacco farmers launch 'Save our farms' campaign

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Tobacco farmers, participating in the 3rd Asia Tobacco Forum in Manila, launched "Save our farms", a grassroots campaign to fight radical new guidelines that would devastate the livelihoods of millions of tobacco farmers in Asia. The campaign is calling on governments in the region to stand with tobacco farmers in opposition to these radical guidelines.

The proposed guidelines have been developed in advance of the Framework Convention on Tobacco Control Conference of the Parties (CoP) which will be held in Seoul in November. The guidelines include mandating the seasons when tobacco can and cannot be grow, cutting off all government and private sector support for tobacco farmers, limiting then reducing the land area where tobacco can be grown and having countries reduce tobacco production simultaneously.

"Global bureaucrats with very limited knowledge of agriculture are attempting to impose an agenda on Pakistan that would devastate the livelihoods of farmers, farm workers and farming communities, said Rustam Khan, President Anjuman Kasht Karan & Tobacco Hazara Division. "Our leaders must go to Seoul and protect Pakistan by opposing these absurd guidelines".

The "Save our farms" campaign includes a website saveourfarms.org as well as an online petition and YouTube channel featuring testimonials from real world farmers. The online campaign will encourage tobacco farmers to get involved by signing a petition and asking their national governments to oppose these radical measures in Seoul later this year. The campaign's rallying cry is "Save our farms, Save our jobs, Save our way of life."

Seabrook House Goes Proactive On Smoking Ban

Although a regulation to make all rehab facilities entirely smoke-free is still months away, Seabrook House has made its decision to be ahead of the curve and provide a truly drug-free environment for its patients starting today. "Seabrook House has earned its reputation for excellence in the treatment of adults suffering from alcoholism and drug addiction, and we pride ourselves on the importance of promoting health and wellness of the mind, body and spirit," said President Ed Diehl.

"Nicotine is one of the most heavily used addictive drugs and the leading preventable cause of disease, disability, and death in the country. At Seabrook House we must set a healthy example, and looking the other way while patients light up is contrary to the very mission of this facility." The statewide ban of smoking at all addiction recovery centers will go into effect on December 12, 2012, as part of the 2008 smoking ban legislation.

According to Diehl, addicts are more likely to have long-term success if they quit smoking at the same time they enter treatment. Also the Journal of Consulting and Clinical Psychology found that smoking cessation intervention provided during addiction treatment was associated with a 25% greater chance of maintaining long-term abstinence from alcohol and drugs.

 "Along with the ban, we have implemented a smoking cessation program that includes nicotine patches and lozenges at no cost to our patients," said Diehl. "The recovery of our patients is our priority, and we believe that banning tobacco is critical in a successful treatment program. It is important to foster an overall recovery plan that involves health and wellness for the optimal chance for recovery."

ITC on a health kick post global anti-smoking regulations

India’s biggest cigarette maker is going on a health kick. ITC Ltd ) sells 80 percent of the cigarettes in the world’s second most populous country where 275 million people use tobacco products. But as India follows the rest of the world in adopting anti-smoking regulations, the company’s core tobacco business is getting squeezed and it is venturing into dairy products, drinks and perhaps even healthy breakfast foods to try to expand its money-losing consumer products business. “Indians are turning health-conscious in their food choices, so health and nutrition will be a very strong focus area for us in the coming years,” Chitranjan Dar, chief executive of ITC Foods, told Reuters in a phone interview.

ITC, India’s fifth most valuable company with a market capitalisation of $38 billion, already makes cookies, crackers and potato chips, so expanding into dairy and breakfast foods is not that big of a stretch. But healthy food marks a sharp turn for a company best known for cigarettes. Although ITC got into the food business a decade ago, cigarettes account for half the company’s revenue and even its initials are a throwback to its century-old roots when it was known as Imperial Tobacco. The company is 30.8 percent owned by British American Tobacco. Building market share in food and consumer products may be difficult. With the exception of packaged flour, where ITC holds a leading position, the company has not won more than 15 percent of the market for any product category in which it competes.

It has spent Rs 4500 cr building up its food and consumer product segments over the past 10 years, according to analysts. “No other consumer company has invested such sums of money without creating a relevant share in any category,” said Nikhil Vora, managing director at Mumbai-based IDFC Securities. Vora’s firm downgraded the stock to underperform from outperform after Australia barred the use of logos on cigarette packs on August 15, sparking speculation that India’s regulators would follow. Investors initially knocked $1.3 billion from ITC’s market value after Australia’s move, although the stock has since recovered, in part because most smokers in India buy cigarettes in single sticks, not packs.

 An investor favourite for its defensive characteristics, ITC shares have risen 32 percent this year, outpacing the 13 percent rise in the index ITC makes Sunfeast biscuits, Bingo snacks and the Fiama Di Wills range of soaps and shampoos, competing with the likes of Hindustan UnileverLtd Procter & Gamble Co (PG.N), Godrej Consumer Products and Dabur India Ltd in a price-sensitive market worth $13 billion and growing at 15-20 percent a year. Its consumer goods sales rose 24 percent to 55.3 billion rupees in the year to March, accounting for 22 percent of total ITC revenue, although the business was a drag on overall profit, losing 1.96 billion rupees before interest and tax. It aims to triple revenue from consumer goods over the next 5 to 7 years. “What we have achieved is not bad for a business that is a decade old in this space,” ITC’s Dar said, adding that parts of its consumer goods business were “profit positive.”

Smoking scenes to be allowed again in films - with a warning

Smoking scenes will be back on the silver screen as the government Tuesday informed the Supreme Court that it would shortly permit them - though with the strict stipulation that one of the actors in the scene warns viewers that "smoking kills". A bench of Justice P. Sathasivam and Justice Ranjan Gogoi was told that the new notification would mandate that the films showing a smoking scene would show the actor giving a warning at the start of the film, in between after the interval while a static message would be displayed in the course of the scene showing smoking.

Senior counsel V. Shekhar, appearing for the government, told the court that the notification, superseding all earlier notifications prohibiting smoking scenes, would be issued Sep 14. He said that Sep 14 was important because on that day, a film "Heroine" by UTV Software Communication Pvt. Ltd., depicting a scene of a woman smoking is going to be released. Adjourning the hearing of the matter, the apex court declined to entertain a plea by a counsel seeking exemption for the release of this film. Justice Sathasivam said that "we have to prioritise the issues".

"People are not getting water and food. You can survive without showing smoking and liquor scenes." The notification will pave the way for amending rules that currently restrain filmmakers from showing smoking. The court was apprised of an Aug 2, 2012, letter written by the information and broadcasting ministry to the Central Board of Film Certification (CBFC) asking it to "advise the filmmakers to give a 20 second anti-smoking message as approved by the ministry of health with voice over of the one of the actors who is seen smoking in the film to be displayed at the beginning and in the middle (after interval) of the film and a static message to be displayed for the duration of smoking scene in the film".

 The court was told that on the basis of this letter sent to CBFC, the government is proceeding to issue the notification. Shekhar informed the court that the information and broadcasting ministry has in principle agree with their recommendations. Taking on record the statement made by Shekhar that the fresh notification that is likely to be issued Sep 14 would supersede all earlier notifications thereby paving the way for the return of smoking scenes, the court directed listing of the matter Aug 20 for further hearing.

Rajasthan warns teachers on smoking, tobacco consumption

Teachers in Rajasthan government schools have been warned that they will face suspension if they are found smoking or chewing tobacco products in the classroom, officials said Thursday. The orders regarding this were issued recently by the state education directorate, keeping in view several complaints of smoking and consumption of tobacco in school premises against the teachers. Tobacco products are banned in Rajasthan.

"There were complaints of teachers even spitting on the walls in classrooms while chewing tobacco. They ask the students to go out of the school, leaving classes and get them tobacco pouches from the market. It not only wastes their time but also has a bad impact on them. They get attracted and become prone to consuming such things," a senior education department officer told IANS. The officer said that a student or his or her family members can complain at the respective district education office against the teacher who violates these orders.

The officer added that local residents and public representatives will also be able to make such complaints with the District Education Officers (DEO). "The complaint will be verified and the teacher will be transferred. And if further complaints are received against the same teacher, he will be suspended," said the officer. The directorate has also asked the school administration to put up notice boards with the warning against smoking and tobacco consumption.

Smoking ban burning up local bar

The public, indoor smoking ban for businesses has gone county-wide in Charleston County. Tuesday night, county council voted 7-1, to make the ban official. The new law will ask some smokers to break a habit they may not be ready to quit. You can read the ordinance in its entirety here. For more than 20 years, Richard's Bar & Grill on Highway 17 has gone about its business, serving up drinks and a place to smoke.

"Everybody that comes in here is absolutely fine with that," said Robert Wyndham, a bartender at Richard's. Because the bar sits in a spot just outside of Mount Pleasant's jurisdiction, Richard's has kept on smoking. Patrons, even employees, say it sets the place apart. "We have a lot of regulars that probably pass two or three bars on their way here," said Wyndham.

But once the cigarettes burn out, there won't be many lights left. October 4th is the day Richard's will be going smoke free. "Everybody's comfortable coming here, so why do you call it a free country if you can't do what you want to do, when you want to do it," said bar patron, Thelma Uddin. Wyndham fears business will take a hit. "It may hurt us, it could prove to be troublesome," he said. He says he's confident the ban won't bring in anybody new.

"The people that don't come here because smoking is allowed, they're still not going to come here because you can't smoke in here now," Wyndham said. The bar's owner recently circulated a petition against the smoking ban. Wyndham says more than a thousand people signed it with hopes to be able make the choice; to smoke, or not to smoke. According to Richard's, county council was not interested.

Australia Wins Approval for World’s First Plain-Pack Tobacco

A world-first Australian law requiring tobacco companies to sell cigarettes in uniform packaging was upheld by the nation’s top court, a ruling that may set a precedent for other countries to follow. The High Court dismissed today claims by Japan Tobacco Inc., British American Tobacco Plc, Philip Morris International Inc. and Imperial Tobacco Group Plc that the Australian government illegally seized their intellectual property by prohibiting the display of trademarks on packs.

The judges gave no reasons for the majority decision and said they would be published later. The ruling is a victory for a government faced with A$31.5 billion ($33 billion) in annual health costs from smoking, a habit it estimates killed 900,000 Australians over six decades. The decision means the nation will become the first country to introduce plain cigarette packs when the law takes effect Dec. 1, with governments in Europe, Canada and New Zealand indicating interest in implementing similar legislation.

“The tobacco industry has battled furiously to prevent Australia from becoming the first country in the world to implement plain packaging,” Rob Cunningham, a senior policy analyst at the Canadian Cancer Society in Ottawa, said by e-mail today. “The industry knows that plain packaging is a massive threat and that if Australia implements plain packaging then other countries are sure to follow.”

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Va. crime panel examining cigarette trafficking

Cigarette smuggling has become so lucrative that organized crime is getting involved, and many former drug dealers have switched to peddling contraband smokes instead of narcotics, the Virginia State Crime Commission was told Wednesday. The General Assembly last winter directed the commission to study illegal cigarette trafficking and make recommendations before the 2013 legislative session, which begins in January. The commission's staff conducted the investigation and will present its recommendations at the next meeting in November.

G. Stewart Petoe, the commission's legal affairs director, said the amount of money cigarette smugglers can make is staggering. That's because they can buy a pack of premium cigarettes for about $5.55 in Virginia and sell it for a big profit on the black market in New York City, where a higher cigarette excise tax pushes the retail price to about $14 a pack. Smuggle enough cigarettes and the payday can be enormous.

Petoe said a federal Bureau of Alcohol, Tobacco, Firearms and Explosives agent estimated that a car can carry 10 cases of cigarettes — there are 60 cartons in a case — with an estimated profit of $34,000. Upgrade to a van, and 50 cases can turn a $170,000 profit. A large truckload can haul 800 cases and net a profit of $4 million. Petoe said he was stunned by a Virginia State Police agent's observation that bootlegged cigarettes now have a higher profit margin than cocaine, heroin, marijuana or guns.

"It has just become irresistible for organized crime, and when they come to Virginia, they will bring ancillary violent crime with them," Petoe said. He added that drug dealers are switching to smokes not only for the money, but also because they face less prison time if they're caught. Petoe said cigarette smuggling is booming because many states, particularly those north of Virginia, have increased their cigarette excise taxes in recent years. Virginia — the nation's fifth-largest tobacco producer and home of its most prolific cigarette factory — has the country's second-lowest tax: $3 per carton. The tax is $43.50 in New York state and $58.50 in New York City.

According to Petoe, a recent study found that 30 percent of all cigarettes in New York City came from out of state — and of those, 71 percent were from Virginia. "As the second-lowest tax state, we're setting ourselves up to be complicit," said state Sen. Janet Howell, D-Fairfax, who added that she wasn't necessarily suggesting a tax increase. Petoe said one of the simplest and fastest-growing methods of bootlegging is called "smurfing." Individual smugglers or small groups buy cartons of cigarettes at multiple locations throughout the day, then haul them out of state for resale on the black market.

Commission staff members conducting the study hung out for a while at a convenience store off Interstate 95 in the Richmond area, Petoe said, and watched one customer get out of a car and buy five cartons of cigarettes and return to the vehicle. Then another person got out of the car and did the same thing. "It's very clear what they were doing," Petoe said. Some cigarette traffickers seeking to maximize their illicit gains have established bogus retail operations so they can buy in bulk from wholesalers, Petoe said. He added that there are myriad other schemes involving forged tax stamps, selling cigarettes "off the books" to evade taxes, international smuggling and importing counterfeit cigarettes.