Sony To Hike Prices Due To Rupee Depreciation

With the recent depreciation of rupee, consumer electronics giant, Sony India has announced that it will soon increase the price of its products across all major categories. "With the weakening of the rupee, the company will raise the prices of its products. This will be done shortly," announced Sunil Nayyar, Head Sales, Sony India Nayyar said the weakening of the rupee was affecting the company and the prices have to be raised.

"The rise will be a mild one and not be a burden on the consumers. The company will absorb the most impact," he said.

As Durga Puja and Diwali festivals are round the corner, the company plans to earn a revenue of Rs 400 crore during August to November period, 30% higher than the last year's figure, he added. Last year at the same time, the revenue earned was Rs 310 crore, he said. Nationally, the company is eyeing a growth of 25%. It will also increase the distribution network from 850 to 935 across the country, Nayyar added.