Shares of ITC touched a more than two-month high of Rs 348.80, up nearly 3% in intraday trade on the BSE on Friday in an already weak market. Diversified fast-moving consumer goods (FMCG) stocks were trading at their highest level since November 14, 2022. It hit an all-time high of Rs 362 on November 11.

ITC was quoted 1.5% higher at Rs 344.85 at 10:51 am, while the S&P BSE Sensex was down 1.2%. The average over-the-counter volume jumped 1.5 times, with 8.75 million shares changing hands on the NSE and BSE.

ITC is India’s second-largest cigarette and FMCG company, with about 78% market share in cigarettes and staple food, biscuits, noodles, snacks, chocolate, dairy and personal care products. The company is also involved in cardboard, printing and packaging, agriculture and hospitality.

ITC’s board of directors is scheduled to meet on February 3, 2023, to consider the company’s unaudited financial results for the quarter and nine months that ended December 31, 2022. The company said the board would also consider declaring an interim dividend for the financial year ending March 31, 2023.