Exide to hike product prices owing to fall in Rupee

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Image source:exideindustries.com

Thursday, August 22, 2013: The ongoing slump in the value of rupee against dollar is posing problem for the economy. Various industries are in fix on account of plummeting sales volume. In an interview with business news channel, PK Kataky, the chief executive officer, Exide Industries said that there is a substantial increase in the cost of raw material because of devaluation of rupee, Myiris reported.

Kataky added that the company raised product prices by five per cent at the time when the rupee breached 60 against US dollar. Though, the value of rupee is falling, the company is finding it difficult to raise further the prices of its product. He stated that prices of the products will be increased but, he is unsure of quantum.

The share prices of the company has decreased to Rs.4.05 (3.07 per cent) to trade at Rs.127.70. Total volume of shares traded at the Bombay Stock Exchange stood at 36,261 (around 12:27 pm, Wednesday).

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Fall in rupee has adversely affected most companies across all sectors. Therefore, the companies are left with no other options but, to hike prices of their products to combat the effects of weakened rupee. In such a scenario, decision making seems quite tough for companies across sectors.

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