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“In a low interest rates environment, that differentiation did not matter as much. People were willing to buy anything but in a rising interest rates environment, there is much less willingness to pay for future hope for growth.”

The public issue consists of a fresh issue of equity shares aggregating to Rs 455 crore, and an offer for sale (OFS) of up to Rs 300 crore by existing shareholders, according to the draft red herring prospectus (DRHP).

The Relative Strength Index of the stock stood at 37.55 on Friday.

The Nifty Auto index was trading 0.61 per cent down at 11611.55.

As of 31-Dec-2021, promoters held 44.79 per cent stake in the company, while FIIs held 26.08 per cent and domestic institutional investors had 0.8 per cent.

3M India Ltd., incorporated in the year 1987, is a Large Cap company (having a market cap of Rs 27789.80 Crore) operating in Diversified sector.

The Mumbai-based drugmaker had reported a net profit of Rs 438.3 crore in the October-December quarter of the previous fiscal.

The partially convertible rupee opened at 74.6390/$1 as against 74.8600/$1 at previous close. So far in the day, the Indian currency moved in a band of 74.6490-74.7300/$1

“If this is the start of the profitability cycle and ITC or other companies remain focussed on profits and continue to do well, what many investors have been waiting for the last 10 years might play out over the next one or two years.”

Shares of ITC Ltd on Friday gained nearly 2 per cent after the firm reported a 15 per cent increase in consolidated net profit for the third quarter ended December 31. At the BSE, it jumped 1.79 per cent to Rs 238.50. The stock gained 1.72 per cent to Rs 238.50 on the NSE.