ITC hikes prices of select cigarette brands
New Delhi: Diversified business group ITC Ltd Monday said it has increased prices of select cigarette brands, Gold Flake and Classic by over 10 percent, the second hike in as many months.
The price of 'Gold Flake Kings' pack consisting of 10 cigarettes will now cost Rs 75, up from Rs 68 earlier. A pack of 'Gold Flake Lights' consisting of 20 cigarettes will cost Rs 75 compared to Rs 68 earlier.
Likewise, the 'Classic' pack consisting of 20 cigarettes will now cost Rs 150 from Rs 136 earlier.
When contacted, a company spokesperson confirmed the hike in prices.
The packs with new prices are already in the market.
The company, which had hiked prices of its Gold Flake cigarette brand by over 7 percent in July, had earlier said that steep hike in excise duty on cigarettes impacted sales.
ITC, which is the market leader in cigarettes in India, sells various brands including India Kings, Classic Gold Flake and Navy Cut among others.
The company's cigarettes business grew by 7.05 percent to Rs 3,537.39 crore during the first quarter ended June 30, 2013.
It produces cigarettes at plants located in Bengaluru, Munger (Bihar), Saharanpur (UP), Kolkata and Pune.
Besides FMCG, ITC has interests in hotels, paperboards and packaging, tobacco products and information technology.
Shares of ITC Ltd Monday closed at Rs 319.40 apiece at the end of day's trade, up 3.75 percent from the previous close on the BSE.