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LG Declares Price Hike on IT Peripheral Products
By
ChannelTimes Staff
Mumbai, Jun 2, 2008
LG Electronics has announced a price hike on its products, owing to the constant escalation of input costs. The price hike will span across categories like Monitors and Optical Storage Devices (OSDs), and the targeted price increase is around 7% to 10%.
The LCD Monitors will have 2 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.
Commenting on the price hike, R Manikandan, business group head (Monitors and OSDs) says, "It has become imperative for us to consider price hike due to rise in exchange rate, which has gone up significantly in the last 1 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 the last 1 month period, resulting in increased costing, calling for increase in market prices."
Addressing the channel partners on the price hike proposal, Manikandan states further, "Our partners have always been very supportive in the past, and we would appreciate their support in this complex situation as well. I take this opportunity to request them take due care while quoting forward prices as the price increase will be felt steadily on all products and brands, of course with varied intensity levels. It can be a good idea to stock up the LCD Monitors as much as they can manage in the short run."
As the $ projections are looking stronger in the short run, the overall prices will go upwards steadily, the most vulnerable being the LCD owing to compounded effect.
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No one can Hold the prices when Dollar Shoot up drastically. Still it will give negative effect in Slow market |
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- Nitin Sheth,
Answer Computer, Dombivli
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The IT Marcket is going in slow motion today and price rise will again play a roll in market which is going slow. Today is a vacation time so marcket should go fast but price increse stop the customer to buy computer/Laptop. |
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- Ketan Trivedi,
Key Infotech, Bhavnagar
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