On Friday, the stock market witnessed a decline from the high level. However, the market also saw support at the lower level. Nifty saw a big decline on Friday and closed at the level of 24000. In this sell-off market, the share price of PSU stock ITI Limited saw a stormy rise.

ITI Limited's stock rose 20% and closed at Rs 457.10. This is the new all-time high level of this stock. The market cap of this company is Rs 43.90 thousand crores.

Since November 01, the fortunes of this stock have changed in such a way that it has hit the jackpot for its investors. From November 01 to January 03, i.e. in a little more than two months, the capital of investors in ITI Limited doubled. This stock came from the level of Rs 217 to the level of Rs 457. In two months, this stock gave a return of 110%, while in the last one month, ITI Limited gave a return of 60%. This PSU stock has increased by 40% in the last five trading sessions.

Shares of government-owned ITI Limited, which comes under the Telecom Department, also traded with heavy volumes on Friday and hit an upper circuit with a rise of 20%.

ITI Limited Chart Structure

ITI Limited stock has been moving upwards since October 2024 and has consistently formed higher high, higher low formation. ITI Limited broke out of a short consolidation phase taking support from Rs 210 level on the daily chart and showed a positive upmo. The stock has been witnessing a surge in volume since the month of November last year. Every breakout in this is happening with heavy volume.

 

Business Updates

ITI has undertaken several key projects including BharatNet Phase II, supply of smart energy meters for Ministry of Defence's Escon project and network for spectrum. ITI also enjoys preferred supplier status among its key clients. The company's revenue visibility remains good due to a strong order book.

Exchange sought clarification on rising share price

ITI's share price has increased continuously. The exchange had sought a reply from the company on December 13, 2024 on the reasons for the rising share price and corporate activities.

The company had said in its response to the exchange that it is not responsible for any increase or fall in the volume or share price of the company's stock or any change in stock market conditions with regard to the volume/share price of shares traded, they are solely based on market conditions.