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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.

On the technical charts, the 200-day moving average of the stock stood at Rs 114.59.

The issue is entirely an offer for sale (OFS) by the promoters and existing shareholders.

Its revenue from operations was up 47.14 per cent at Rs 286.67 crore during the quarter under review, against Rs 194.82 crore in the year-ago period, the company said.

The company, which is a subsidiary of the US-based Kennametal Inc, follows July to June as its financial year.

The stock quoted a 52-week high price of Rs 1990.0 and low of Rs 860.2.

A total of 94,437 shares changed hands on the counter till 12:22PM (IST)

On a PE basis, specialty chemicals, infrastructure, consumer durables, real estate, logistics and media are some of the sectors trading at steep premium valuations over their historical averages