The shares of ITI Limited zoomed by more than 6 percent in the early hours on Friday and were trading at Rs 110 levels. It moved on the positive news that the company bagged an order from the Kerala Infrastructure and Technology for Education (KITE).
As per the BSE filing, ITI Limited’s Palakkad Plant has bagged Kerala Infrastructure and Technology for Education (KITE)’s two Laptop orders for the supply of 6600 units & 1883 units worth Rs. 22 Cr and 3 Cr respectively.
ITI Limited is a multi-unit central public sector undertaking. It stands as the country’s premier telecommunications company which offers a complete range of telecom products covering the whole spectrum of switching, transmission, and access & subscriber premises equipment.
‘The stock has been on a downward trend for some time now. In the past six months, it has shed approximately 3 percent of its price. The share zoomed up to a 52-week high of Rs 129.65 in July 2022 and is currently trading 12 percent away from those levels.
The company had launched SmaasH trademarked/branded Micro PC, Desktop PC, Laptop Computer, and Video Conferencing Camera, among other ICT products under the government’s ‘Make in India’ initiative.
The company is yet to announce its Q3 results. In Q2 of FY23, their total revenue stood at Rs 197.55 Crore while they reported a net loss of Rs 100.34 Crore.
The small-cap company has a market capitalization of Rs 10,322 Crore. The promoters of the company 90.09 percent stake in the company while the Foreign Institutional Investors (FIIs) hold a marginal 0.07 percent stake. The promoter’s pledge remains zero.
Written by Anoushka Roy
