ITC rose 5% intraday to ₹266.90 on the BSE on October 9, 2026, in its sharpest intraday rally in six months, according to Business Standard. The move came a day after the stock hit a multiyear low and amid institutional buying following a large block deal, as well as bullish brokerage commentary. Those developments offer context, not proof of one definitive cause.
What happened to ITC shares?
On October 9, 2026, ITC reached ₹266.90 intraday on the BSE, up 5%, Business Standard reported. The outlet described it as the stock’s sharpest intraday rally in six months. It also noted earlier intraday gains of 4.98% on October 5 and September 1, and 5.66% on February 6.
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The rally followed a sharp fall: ITC touched a multiyear low of ₹253.15 on October 8, 2026. For historical context, the report put the share’s 52-week high at ₹426.50 on October 31, 2025. These are dated observations, not current prices.
What may have supported the rally?
Institutional buying followed a large block deal
On October 8, GQG Partners entities sold 365 million ITC shares, equal to 2.91% of the company’s equity, through BSE block-deal tranches worth ₹9,395.40 crore at ₹257.35 per share, Business Standard reported. Alliance Witan PLC also sold 1.611 million shares, or 0.01% of equity, worth ₹41.5 crore.
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Among the reported large buyers were Fidelity Advisor Series VIII–Fidelity Advisor Overseas Fund, ICICI Prudential Mutual Fund, SBI Mutual Fund, Nippon India Mutual Fund and Citigroup Global Markets Singapore Pte. The report’s list is not necessarily exhaustive. The transaction identifies a shift in share ownership and provides order-flow context; by itself, it does not establish why the stock rose the next day.
Brokerage commentary turned more positive
Business Standard reported that Citi upgraded ITC to Buy from Sell and set a ₹300 target. Citi’s stated rationale was that the decline had improved the risk-reward, despite near-term pressure from a sharp cigarette-tax increase.
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Kotak Institutional Equities discussed a possible vertical split between ITC’s tobacco and non-tobacco businesses and gave a ₹360 12-month sum-of-the-parts valuation. That is a valuation view based on a possible business structure, not confirmation that a split will happen.
| Context | What was reported | What it does—and does not—show |
|---|---|---|
| Block deal and buyers | Large sales by GQG Partners entities and Alliance Witan on October 8, with several institutional buyers reported. | Shows transaction and ownership context; it does not prove the block deal caused the October 9 rise. |
| Citi commentary | Upgrade to Buy from Sell; ₹300 target. | One brokerage’s view of risk and potential value, not a guaranteed outcome. |
| Kotak commentary | Possible vertical split thesis; ₹360 12-month sum-of-the-parts valuation. | A conditional valuation framework, not evidence that a restructuring is assured. |
Does the report establish a single reason for the 5% jump?
No. The reported block deal, institutional buyers and bullish brokerage views all provide relevant context, but the report does not present a causal test showing that any one factor produced the rally. The most accurate description is that ITC rose amid buying after the block deal and positive brokerage commentary, following a steep decline the previous day.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How investors should interpret the targets
The ₹300 Citi target and ₹360 Kotak valuation are brokerage opinions reported by Business Standard, not assured future prices or personalized investment advice. Citi’s view addresses improved risk-reward while acknowledging near-term cigarette-tax pressure; Kotak’s figure depends on a possible vertical split and a sum-of-the-parts approach. Neither number confirms how ITC will trade or whether the proposed business separation will occur.
Business Standard’s October 9, 2026 report attributes the brokerage views to the respective firms and says readers should exercise discretion. The block-deal figures and price observations here are likewise presented as reported in that article.
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