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non-USA, by Country
· India
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· ITC
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Jump to full article: Business Standard (in), 2007-10-27
Author: Niraj Bhatt & Priya Kansara / Mumbai
Intro: Hike in cigarette prices to offset VAT backfires as a drop in sales volumes hits revenues. The price hike effected by ITC has dented cigarette revenues, which declined 5.5 per cent y-o-y in the September 2007 quarter.
Analysts have estimated a 7-8 per cent deceleration in volume sales this financial year due to the company's 20 per cent price hike in cigarettes to offset value-added tax.
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