ITC raises price of Gold Flake brand by over 7%

Diversified group ITC Ltd today said it has increased prices of its Gold Flake cigarette brand by over 7 percent.

The price of Gold Flake Filter pack consisting of 10 cigarettes will now cost Rs 59 from Rs 55 earlier. Likewise, Gold Flake Premium Filter cigarette will cost Rs 58, up from Rs 55 earlier.

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When contacted, a company spokesperson confirmed the hike in prices. ITC, which is the market leader in cigarettes in India, sells various brands including India Kings, Classic Gold Flake, Navy Cut among others.

The company's cigarettes business grew by 11.48 percent to Rs 3,623.23 crore during the fourth quarter ended March 31, 2013, compared to Rs 3,249.88 crore in the same period of previous fiscal.

ITC produces cigarettes at manufacturing plants located in Bengaluru, Munger, Saharanpur, Kolkata and Pune.

Besides FMCG, ITC has interests hotels, paperboards and packaging, tobacco products and information technology.

Net sales of the company rose to Rs 29,605.58 crore for the year ended March 31, 2013, compared to Rs 24,798.43 crore in the 2011-12 financial year.

Shares of ITC today closed at Rs 338.50 on the BSE, up 3.74 percent from its previous close.