ITC to hike cigarette prices to bring it to pre-GST level
DSIJ Intelligence / 24 Jul 2017
FMCG heavyweight and cigarette maker ITC has decided to hike cigarette prices.
FMCG heavyweight and cigarette maker ITC has decided to hike cigarette prices. The company’s decision has come after the GST Council increased cess to match cigarette prices to pre-GST level.
ITC had recently witnessed its biggest intraday fall of nearly 13%. Company’s cigarettes of three brands including Gold Flake Kings, Classic Rich and Navy Cut Filter witnessed an increase in their prices.
The stock has been recovering from its low level in this month. ITC was also contributing the most to benchmark indices gains.
ITC is a diversified company, with a presence in hotels, cigarettes, paperboards and specialty papers, packaging, agri-business, packaged foods & confectionery, branded apparel, information technology, personal care, stationery and other FMCG products. ITC is a market leader in cigarettes.
Meanwhile, at 9,962 level, Nifty was trading up by 47 points and Sensex was trading at 32,214 level, up by 185 points on Monday morning.
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