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LG India to Hike Prices By 7-10%
By: Tech2.com News Staff   |   Jun 02, 2008
LG Electronics India has announced a price hike across categories like monitors and optical storage devices and the targeted price increase is around 7% to 10%, starting with 3% with immediate effect.

R. Manikandan, Business Group Head, Monitors and OSDs said, "It has become imperative for us to consider price hike due to rise in exchange rate, which has gone up significantly in the last one month. From sub 40 range in the last week of April, the exchange rate has gone up to 42.5 as on 29th May. This is approx 7% rise in exchange rate over last one month period, resulting in increased costing, calling for increase in market prices."

LG said that the LCD monitors will have two additional impacts in market prices. As the customs duty is based on MRP, this dollar appreciation is further compounded by proportionate increase in duty owing to increased MRP. Additionally, there is an increasing trend of LCD panel prices. Thus, in LCD monitors the impact will be a combined effect of dollar appreciation, proportionate duty increase and the panel price increase.

 
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