New Delhi, Feb. 18 -- Shares of cigarette manufacturers ITC, Godfrey Phillips India and VST Industries surged up to 11% on Wednesday, February 18, extending their winning run amid reports of price hikes.

Several media reports stated that price hikes have been taken by these companies to offset the impact of the excise duty increase.

ITC share price gained for the third day in a row, rising 1% to Rs.329.95 today and 5% in the three days, including today's gain. Meanwhile, Godfrey Phillips shares rallied over 11% to Rs.2,297.70, taking its two-day gain to 14%. Another cigarette manufacturer VST Industries' share price rose 3% in trade today.

Last month, cigarette manufacturers declined 9%-26% after the government's sharp increase in exci...