ITC Ltd has hiked prices of its popular brand of cigarettes by as much as up to 15%, CNBC-TV18 reported on Tuesday citing sources, sending shares of tobacco & FMCG major soaring.

ITC’s Bristol cigarette, which was earlier priced at Rs 60 per pack, has seen an increase of Rs 4 per pack as it will now retail for Rs 64. Flake Excel has seen a hike of Rs 6 and will now be sold for Rs 60 from the previous price of Rs 54 per pack. Meanwhile, Capstan brand has also seen a steep hike of Rs 7 and will now cost Rs 55 per pack from the earlier price of Rs 48.

An ITC official said to Financial Express Online that prices of few select brands have been marginally revised, requesting anonymity and without divulging details.

Meanwhile, ITC Ltd share rose 2% after the report of hike in cigarette prices, ending at Rs 282.65 on BSE on Tuesday.

ITC reported a 3.84 per cent on-year rise in standalone net profit to Rs 3,209.07 crore for the third quarter ended December 31, 2018, as compared to Rs 3,090.20 crore in the comparable quarter previous fiscal. Gross revenue from sales was up 15.09 per cent to Rs 11,340.15 crore as against Rs 9,852.74 crore in the previous year.

Cigarette business, which contributes more than 40 per cent to total revenue, posted a strong growth of 9.6 per cent to Rs 5,074 crore in Q3FY19.

 

Source:- financialexpress