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“The RBI has been behind the curve. The monetary policy acts with a long lag. We will have to live with this pain until such time as the situation improves. The twin deficits – fiscal deficit and the current account deficit – are back to haunt us. I am afraid we are in for a hard time for some time to come.”

ITC, incorporated in the year 1910, is a Large Cap company (having a market cap of Rs 328784.47 crore) operating in Tobacco sector.

​​At 9.20 am, the BSE Sensex was trading 1,059.69 points or 1.95 per cent lower at 53,148.84. The index fell 1,155 points in early trade to hit a low of 53,053.75. Nifty50 was trading at 15,926.25, down 314 points or 1.93 per cent. Midcap and smallcap indices fell up to 2.6 per cent.

Overall, the company will raise little more than Rs 808 crore through the primary route. However, the size of the fresh equity block has been trimmed from Rs 757 crore earlier, following its pre-IPO placement plans.

Barring the US dollar-pegged USD Coins, all the tokens were trading sharply lower. Avalanche plunged another 11 per cent, followed by a 9 per cent fall in Solana. Polkadot and Cardano dropped 8 per cent each.

The dollar index, which measures the US currency against six major rival currencies, headed back to the 104 mark, rising to a high of 103.85 on Thursday. The index was hovering around 103.20 at the end of Indian trading hours on Wednesday.

“This is a time to go for high grade portfolios and one should not be in the more speculative names which might give more upside if all clear sounds. But till the all clear sounds, it is time to be more conservative about sticking to high quality banks, high quality domestic plays, high quality pharmaceutical or IT companies.”

The board of the company recommended a final dividend of Rs 6.25 per share for the financial year ended March 2022. It will be paid between July 22-26, 2022. This is in addition to the interim dividend of Rs 5.25 per share declared in February.

​Record low rupee is weighing on foreign flows into the country. The partially convertible rupee stood at 77.6780 against the greenback and traded near all-time low levels.

"For any business to remain sustainable, a brand needs to stay ahead of market trends. In a pandemic-stricken world, we’ve seen prices of basic commodities go up relentlessly. Ours being a primarily construction business, we’ve seen raw material prices, labour costs, service costs skyrocket with no end in sight. Consequently, we too have decided to increase our prices in Q1.."