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Industry & Economy
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Automobiles
Exide to go ahead with price hike
Kolkata, Feb. 29
Irrespective of a cut in excise duty, Exide Industries
plans to increase its product prices by five per cent on
an average beginning next week to reduce the impact of
spiralling lead prices. Responding to queries on the Union
Budget, Mr P.K. Kataky, Director (Automotive), told
Business Line that the company originally planned a seven
per cent increase in prices. "However, we have revised
the price increase to five per cent following the excise
duty cut from 16 to 14 per cent," he said. The proposed
price increase will come on 7.5 per cent hike in prices in
October. Exide duty apart, Exide is also benefited due to
one per cent reduction in CST beginning next fiscal.
"Reduction in CST will reduce the price of our products
beginning next fiscal," said Mr A.K. Mukherjee, Director -
Finance. Marginal reduction in prices of inputs was also
expected due to revision of CST. "The relief to the battery
sector coupled with duty cut on automobiles are expected
to result in a demand growth for automotive batteries,"
Mr Mukherjee said. A major demand growth is expected
in two-wheeler segment. - Pratim Ranjan Bose
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