# ITC, Godfrey Phillips shares rise up to 2% | What’s driving the rally? Explained with targets, rationale — retained record
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source: [news](https://highsignal.app/data/news) (news:india-mint-markets) published 2026-09-23 09:53 ingested 2026-09-24 02:52
[original source ↗](https://www.livemint.com/market/stock-market-news/itc-godfrey-phillips-shares-rise-up-to-2-what-s-driving-the-rally-11790156166882.html)
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Shares of ITC and Godfrey Phillips India gained as much as 2% on Wednesday, September 23, after reports that ITC had raised the retail price of its Gold Flake Premium cigarettes.
According to media reports citing dealer sources, the price of a 10-stick pack of Gold Flake Premium has been increased to ₹135 from ₹125, marking an 8% hike.
This is the second price increase for the brand this year. In June, ITC had raised the price of a 10-stick pack from ₹115 to ₹125, an increase of around 8.7%.
Following the latest revision, Gold Flake Premium has become 17.4% more expensive in 2026, with the price of a 10-stick pack rising from ₹115 to ₹135.
The recent price hike follows a series of actions by cigarette manufacturers linked to changes in the taxation system that took effect earlier this year. Starting from 1 February 2026, a 40% GST rate was applied to cigarettes, along with an additional excise duty that considers factors such as cigarette length and whether it is filtered.
In response to increased tax expenses, ITC has lifted prices on various cigarette brands in recent months, according to media reports.
Dealer surveys conducted in early September revealed that the cost of a 20-stick pack of Classic Connect rose to ₹428 from ₹390, marking an increase of nearly 9.7%. Similarly, the price of a 10-stick pack of Gold Flake Super Star was elevated to ₹89 from ₹79, reflecting an increase of approximately 12.7%.
In early February, the prices of Classic Connect were first raised from ₹300 to ₹360, then to ₹390. Meanwhile, the price of Gold Flake Super Star increased from ₹59 to ₹70 per 10-stick pack. The recent increase in the price of Gold Flake Premium contributes to ITC's broader pricing strategy across its cigarette range this year, as the company continues to adjust prices in response to shifts in taxation and input costs, according to reports.
Sudeep Shah, Vice President – Technical and Derivatives Research at SBI Securities, said ITC has recovered nearly 5% from its 11 September low of ₹258. However, despite the recent rebound, the stock continues to trade below key moving averages on the weekly chart.
The Relative Strength Index (RSI) remains below 40, indicating a bearish bias. Shah said the 20-week EMA in the ₹280–285 zone is likely to act as an immediate resistance. The bearish bias is expected to remain intact as long as ITC trades below this range.
On Godfrey Phillips, Shah said the stock has been consolidating within a broad ₹1,832– ₹2,635 range on the weekly chart since the beginning of the year.
The RSI remains flat, pointing to a sideways trend, while the declining Average Directional Index (ADX) suggests a lack of strong directional momentum. The MACD line is also flat and remains below the zero line, indicating a sideways-to-bearish bias.
According to Shah, a decisive breakout above or below the ₹1,832– ₹2,635 range could provide clearer directional signals for Godfrey Phillips.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
Dhanya Nagasundaram works as a Content Producer at LiveMint, specializing in news related to financial markets, stocks, and business. With over eight years of experience in journalism and content creation, she has honed her skills in data-driven reporting and market analysis. Her focus is on monitoring stock trends, initial public offerings (IPOs), corporate news, policy shifts, and larger economic trends that affect investors and market players.
At LiveMint, Dhanya consistently writes and produces articles that make complex financial topics accessible to readers. She keeps a close eye on equity markets, commodities, and macroeconomic indicators, assisting audiences in comprehending how global and domestic events influence investment perspectives. Her stories frequently underscore emerging trends within sectors, the IPO market, company earnings results, and market strategies pertinent to both retail and institutional investors.
Before her tenure at LiveMint, Dhanya accumulated a wealth of professional experience at various companies, including MintGenie, Informist, Cogenics, Chary Publications, KPMG, and the Royal Bank of Scotland. These positions allowed her to establish a solid foundation in financial research, reporting, and content creation.
Throughout her career, she has explored numerous subjects such as trading strategies, commodities, IPOs, wealth generation, corporate profits, and macroeconomic indicators. Her background in both financial journalism and corporate settings has given her the ability to tackle stories with analytical rigor while ensuring clarity for her audience. Through her contributions, Dhanya strives to deliver insightful, trustworthy, and investor-centric financial content.
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document fetched 2026-09-24 02:52 · canonical https://livemint.com/market/stock-market-news/itc-godfrey-phillips-shares-rise-up-to-2-what-s-driving-the-rally-11790156166882.html