FMCG major ITC witnessed a sharp rise in share price on Friday with analysts saying the goods and services tax (GST) imposed on the cigarette industry is neutral.

On Thursday, the GST council gave its nod to the two remaining pieces of supporting legislation for implementing the reform paving the way for introduction in Parliament and state legislatures.

Shares of ITC are trading at Rs 288.85, up Rs 20.65, or 7.70% at the Bombay Stock Exchange (BSE) on Friday at 10:41 a.m.

The scrip has touched an intra-day high of Rs 289.00 and low of Rs 276.00. The total volume of shares traded at the BSE is 1,266,535.

Total volume of shares traded on the bourses today was higher by 126.67% to 23,996,226 compared with 22-day average volume of 10,586,513.