New Delhi: ITC Limited has decided to increase cigarette prices by 10 to 20 percent. The largest increase has been in small and regular size cigarettes, which have the largest share in the company’s sales. Three out of every four cigarettes sold in the country are from ITC. The company has increased prices by 10% in the premium segment. At the same time, the price of regular cigarettes of 69 mm length has been increased by about 14-16%. The price of entry-level cigarettes, ie cigarettes less than 64 millimeters in length, has been increased by 12 to 20 percent. This price increase is different for each brand.
A spokesperson of ITC has confirmed that the prices of many brands have been changed. However, he did not share any other figures related to it. Two industry executives said that other cigarette companies like Godfrey Phillips and VST Industries are also going to increase prices in the next few days.
On Tuesday, ITC shares rose 0.95% to close at Rs 212.7 on the Bombay Stock Exchange, while the benchmark Sensex rose 0.58% on this day. ITC shares fell to a 52-week low after the Budget announced a tax hike.