Shares in ITCBSE 3.74 % Ltd gained 3.1 per cent after dealers say the company raised the price of its Gold Flake Regular Filter cigarettes. ITC officials were not immediately available for comment. According to UBS, ITC has raised the price for the brand to Rs 58 from Rs 55 for a pack of 10 cigarettes. The bank says the price increase will not impact volumes but could lead consumers to upgrade to Gold Flake King size cigarettes given the price difference between the two would be reduced to Re 1. Any shift would provide ITC with a "much better value positioning", UBS says. UBS maintains ITC as a top pick with a "buy" rating and a target price of Rs 400. Dealers also add that some value buying was also seen after ITC shares fell 4.6 per cent in June, underperforming India's benchmark index 1.8 per cent fall in the same period.

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