ITI zooms 18% to touch a new high; up 245% in a year

The ITI share jumped 18 percent to hit a new 52-week high Rs 374.80 on January 16 afternoon on high volumes.

A total of two crore shares changed hands on BSE and NSE combined, way higher than one-week and one-month daily traded average of 30 lakh and 39 lakh, respectively.

The stock has surged more than 245 percent in the last year, with most of the gains coming in the last six months. The stock has been volatile this month and has been rising since January 12, wiping the losses.

At 2 pm, ITI was trading 16 percent higher at Rs 368.20 on the National Stock Exchange (NSE).

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The stock started moving up in September after the state-owned firm said it had developed laptops and micro PCs under the brand name Smaash, signalling its foray into laptop manufacturing in India.

The company had to issue a statement in December following a spike in share volumes. “We wish to confirm that as on date there are no matters/ events which is pending for disclosures to the stock exchanges that may have a bearing on the price/volume behaviour in the company’s scrip,” it said on December 21.

“As regards the volume of shares traded /share price, arc purely based on market conditions and the company is not responsible for any increase or fall in volume or share price or any changes in stock market conditions.”

The company recently said Mukesh Mangal was appointed the government director on the board for three years “or till the date of superannuation or till further orders, whichever is the earliest”.

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For the quarter ended September, ITI reported net sales of Rs 246.47 crore, a 24.76 percent increase from the year-ago period. But its losses widened 25.38 percent to Rs 125.80 crore. The EBITDA for the quarter was negative at Rs 43.19 crore, reflecting a 12.65 percent decline on-year.

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