Tags:
Journalism of Courage
India8217;s tobacco major ITC has raised the price of its regular-size filter segment cigarette brand Gold Flake Kings GFK by 14.58 per cent to Rs 110 from Rs 96 for a pack of 20 sticks,said more than three vendors.
A company spokesperson did not reply to several requests for comment.
Kotak Institutional Equities in a research report on Tuesday had said their channel sources indicated a likely price increase of 15 per cent for the brand.
The brokerage sees this as a move to create buffer for a potential 10 per cent excise duty increase on cigarettes in the budget for 2012/13.
We highlight that after the price hikes in Classic premium and Wills mid-segment,price increase in GFK is in line with our expectations,the note said.
The regular-size filter segment contributes about 70 per cent of cigarette volumes of the company.
At 12.02 pm,shares were ITC were up 0.37 per cent at Rs 202.90.
Company INFO More on ITC
Stocks More on ITC
