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The firm, in its quarterly business update last month, had said it has witnessed "strong demand" across its consumer businesses and clocked 36 per cent growth over the festive quarter last year.

The Finance Minister during her budget speech kept the taxes and duties on cigarettes stable, making investors happier, who were pricing in a slight increase in duties ahead of the Budget.

Thursday is likely to see the levels of 17,850 and 17,980 acting as resistance points. Supports come in at 17,700 and 17,580 levels

The gains in early trade were led mainly by banks, NBFCs and the index heavyweight Reliance Industries.

For the third consecutive year, on-budget capex growth would be >20 per cent and is 2.9 per cent of the GDP, which is the highest in the last 5 years

In the broader markets, Nahar Polyfilms, Spandana Sphoorty and Jindal Drilling hit the upper circuit. Traders cheered the Budget winners but punished India Inc players who failed to pull off a strong show in the December 2021 quarter.

The issue garnered bids for 212.87 crore shares against the issue size of 12.25 crore shares on the final day of bidding, stock exchange data showed. Investors poured in bids worth nearly Rs 49,000 crore, 17.3 times more than the issue size.

“Everybody will be profitable. I do not see much difference in this cycle in IT. In IT, India is an exporter and we are a very large exporter. IT is eternal. But I am very bullish on metals, infrastructure and hospitality.”

The Nifty IT index closed 1.18 per cent up at 35788.75.

The issue consists of equity shares worth up to Rs 216 crore with a face value of Rs 10 each and an offer-for-sale (OFS) of up to 14.83 lakh equity shares by existing shareholders