Calcutta, May 12 :     ITC has raised the prices of Wills Navy Cut, the company?s second largest selling cigarette brand, barely three weeks after it hiked the prices of top-seller Gold Flake. The prices of Wills Navy Cut have been raised by over 6 per cent while Gold Flake was made 13 per cent dearer. A pack of 10 filtered sticks of Wills Navy Cut will now cost Rs 17.50, up from Rs 16.50. The increase will impact company?s financial performance during the first quarter of the current year. However, ITC executive vice-president (marketing) K.N. Grant refused to comment on the possible effects of the price-hike on the bottomline. ? It will be inappropriate for me to comment on the financial results.? Industry sources put monthly sales of Gold Flake regular and Wills Navy Cut stands at more than 1,000 million and 730 million sticks, respectively. Explaining the rationale behind the price increase, Grant said, ?All pricing decisions are based on our pricing policy which looks at cost pressures, including excise duties and state taxes, the demands of competition and shareholder value.? However, analysts feel the tobacco giant has resorted to price-hike to increase its revenue at a time when the country?s cigarette market is shrinking rapidly. ?The company followed the same policy in 1998-99 when it garnered additional revenues worth Rs 842 crore by selling only 11 million extra cigarette sticks. This is an insignificant rise in production (0.016 per cent) but price hike pushed up revenues by 17.05 per cent,? an analyst said.