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Sony, Samsung rule out any immediate hike in prices of products

Sony, Samsung rule out any immediate hike in prices of products

By Press Trust Of India | Updated: 21 June 2013 16:35 IST

Two major consumer durables and home appliances makers Sony and Samsung have ruled out any immediate hike in prices of products even as a steep fall in rupee against dollar has squeezed margins.

The two players however said that they are closely monitoring the situation as competitors have raised prices while some others are mulling the same.

Another major player LG has already hiked prices of its products by up to five percent due to weakening rupee with effect from June 18. Blue Star has also hiked prices of its products by up to 7.5 percent.

Sony India Managing Director Kenichiro Hibi also said that the situation was not favorable and in general margins in the industry were "getting narrower".

He, however, ruled out any immediate price hike due to competitive pressure in the market.

"We have to see profit balance and also competitiveness because if we just increase the price, then we would have no business," Hibi said.

Korean major Samsung said it is monitoring the situation and will hold on its current price for the time being.

"We are closely monitoring the situation. As of today, our decision is to hold the price. There will be no major impact as most of our products are manufactured domestically," a Samsung spokesperson said.

She, however, said high end products which use mostly imported components will be impacted by the rupee depreciation.

"It will impact the price of some hi-end products, which has higher variation of imported components," she said.

Haier India said it may go for price hike in July.

"Keeping in view, the current market situation and the falling rupee, the prices of the Haier products are going to rise. We expect the prices to go up by around 5 percent. The necessary changes would be made July onwards," Haier India President Eric Braganza told PTI.

Rupee has been on a continuous slide and hit an all time low of 59.93 to a dollar in early trade on Friday.

LG, while increasing its price had said: "Due to continuous rupee depreciation, it has become imperative for us to consider price hike in India. Though we have been absorbing the increase in cost but it will become difficult to avoid this change in the market prices."

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