ITC shares surge after UBS says company raised Gold Flake prices

Reuters Market Eye - Shares in ITC Ltd gain 4 percent after the company raised prices of a key cigarette brand, UBS says.

"ITC has raised prices for Gold Flake King-Size (GFK) from 136 rupees to 150 rupees (pack of 20)," UBS said in a note to its clients on Monday.

The bank adds this price increase will add 1 percent to cigarette revenues and 2-3 percent to the segment's operational profit, all else remaining unchanged.

A company spokeswoman was not immediately reachable for comment.

(Reporting by Abhishek Vishnoi)