New Delhi, March 13 :     Soft drink majors Coke and Pepsi have hiked prices of their 1 litre bottles from Rs 25 to Rs 27, and are contemplating a similar move for the popular 300 ml bottle, following the 40 per cent excise duty slapped on the industry. In Calcutta, where the 1 litre bottle sells for Rs 23, the extent of the hike was not known. Industry watchers aver that while only a hike in the price of the 300 ml bottle, which contributes about 85 per cent to the companies' turnover, can make a substantial difference, any such move may affect the sales volumes of the soft drinks manufacturers. Sources added that the companies are undertaking a cost-benefit analysis of such a hike. The soft drinks industry, which is mainly driven by volume growth, is also very price sensitive and a rupee difference can result in a considerable dip in volumes, affecting the companies' bottomline. However, both Coke and Pepsi are not financially on strong ground at the moment to be able to absorb the excise duty hike. Both are hence lobbying hard to get the excise duty rate eased. Pepsi chief P. M. Sinha had urged finance minister Yashwant Sinha to reconsider the penal excise rate on soft drinks, arguing that it should not have been clubbed together with paan masala and gutka, which are considered injurious to health. Hence, while persisting with efforts to get the excise duty hike reviewed, the companies are experimenting with a price hike on 1 litre bottles which contribute only 4 per cent to their total turnover. Industry sources, however, say the hike was long overdue. The 1 litre pack which is manufactured in plants outside Delhi, entails payment of a toll tax, which, added to the sales tax and distribution costs, rationalises the increase, sources said.