ITC Ltd, the country's top cigarette maker, has increased prices by up to 20 percent following a duty hike in the budget, the DNA newspaper reported on Tuesday, without citing any source.
The paper said ITC, which had increased the prices of its flagship brand Gold Flake Kings by 7 percent prior to the budget, raised prices again by 8-20 percent across all brands.
A company spokesman could not be immediately reached for a comment.
The paper said ITC had expected a 5-8 percent increase in factory gate duty in the budget, but the actual increase was 10-18 percent.
Cigarette business generates more than half of ITC's revenue and was the biggest contributor its profit during the December quarter.
