ITI stock hits 52-week high on unveiling laptop designed in collaboration with Intel

In reaction to the regulatory filing, nearly 2 crore shares exchanged hands on both bourses against a monthly average of 14 lakh shares.

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ITI shares hit a 52-week high gaining over 20 percent after the state-owned company announced in a regulatory filing that it had developed a laptop and a micro personal computer under the brand-name SMAASH. These electronic products had been developed under a partnership with Intel, the company said.

“I am very elated to state that we have developed our own branded laptop and Mini PC. Our talented Palakkad Team has put in all-out efforts to make this feat possible. The products are being received well and are helping us win tenders in cut throat markets,” said Rajesh Rai, chairman and managing director of ITI.

“More than twelve thousand SMAASH PCs have been already deployed and are successfully performing at various customer sites. The company has also recently won two tenders from Kerala Infrastructure and Technology for Education, and has supplied around 9,000 laptops to the government schools in Kerala,” the company said.

The electronic and communication goods maker said that the micro-PC developed by it in particular has less carbon footprint and is ‘highly compatible with solar solutions since they take DC input.’

At 3 am on the NSE, the ITI stock was locked in an upper circuit at Rs 149.30, up Rs 24.85, or 19.97 percent.

In reaction to the regulatory filing, nearly 2 crore shares exchanged hands on both bourses against a monthly average of 14 lakh shares.

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In the April-to-June quarter, the company reported a 5.42 percent year-on-year (YoY) decline in its revenue from operations at Rs 157 crore. The company’s losses for the quarter widened on a yearly basis to Rs 103 crore as compared to Rs 99 crore reported in the same period a year ago. The operating losses for the quarter stood at Rs 49 crore.

Indian Telephone Industries (ITI) is a public sector company under the Ministry of Communications. The company is engaged in the business of development and manufacturing a wide-range of telecommunications equipment and services including switches, routers, and network infrastructure.

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