** ITC Ltd gains as much as 7.3 pct to 354.5 rupees, its highest since October 2015
** Cigarette maker on Friday posted operating earnings above expectations; said cigarette volumes were flat though positive after declining for 11 consecutive quarters
** ITC also announces special dividend
** Macquarie views the turnaround in cigarette volume growth as "a significant positive"; maintains "outperform" rating and raises PT to 385 rupees from 360 rupees .
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