Diversified conglomerate ITC has raised the prices of select cigarette brands like Classic and Gold Flake Kings by up to Rs. 10/pack in the wake of hike in excise duty on cigarettes in the budget.
"Prices of select ITC Cigarette brands have been increased and new stocks are expected to hit the market shortly," an ITC Ltd spokesperson told PTI.
Prices of Classic and Gold Flake Kings have been revised from Rs. 85 to Rs. 95 for packs of 10, the spokesperson added.
Further, prices of Bristol Filter have been increased from Rs. 45 to Rs. 47, Capstan Filter from Rs. 39 to Rs. 47, Flake Filter from Rs. 39 to Rs. 48 and Flake Excel Filter from Rs. 39 to Rs. 45.
However, prices of brands like Navy Cut at Rs. 69, Gold Flake Filter at Rs. 59, Gold Flake Premium Filter at Rs. 58 , and Scissors Filter and Flake Premium Filter at Rs. 50 remain unchanged, the spokesperson said.
The company's rival Godfrey Phillips, however, declined to comment on price hike on its products.
In the Budget for 2014-15, finance minister Arun Jaitley had announced an increase in excise duty on cigarettes in the range of 11% to 72%.
ITC has interests in various verticals including FMCG, hotels, paperboards and packaging, tobacco products and information technology.