New Delhi: ITC Ltd, India’s top cigarette maker, has increased prices by up to 20% following a duty hike in the federal budget, the DNA newspaper reported on Tuesday, without citing any source.
The paper said ITC, which had increased the prices of its flagship brand Gold Flake Kings by 7% prior to the budget, raised prices again by 8-20% across all brands.
A company spokesman could not be immediately reached for a comment.
The paper said ITC had expected a 5-8% increase in factory gate duty in the budget, but the actual increase was 10-18%.
Cigarette business generates more than half of ITC’s revenue and was the biggest contributor its profit during the December quarter.