Britannia plans to raise prices by up to 7% this year: Reports

1 Apr 2022 , 01:50 PM

India’s biggest cookie manufacturer Britannia Industries Ltd. is planning to hike prices by as much as 7% this year, as per media reports. The company said every raw material it uses for its products looks inflationary and the company now plans to “frontload” price increases this year, the media reports added.

Managing Director of Britannia, Varun Berry, said in a media interview, “I’ve never seen two years which are as bad. Our first assumption was a 3% inflation this year, which obviously went wrong by a very big margin because of Mr Putin. Unfortunately, it’s (inflation) turning out to be more like 8-9%.”

During March, several daily items including milk, coffee powder, Maggi, tea have become costlier, with this Britannia biscuit will join in the list soon after it announces a price hike.

Reacting to this news, the stock is currently trading at Rs3,219.40 up by Rs15.1 or 0.47% from its previous closing of Rs3,204.30 on the BSE. The scrip opened at Rs3,193 and has touched a high and low of Rs3,228.45 and Rs3,193 respectively.