The shares of ITI Limited opened at Rs 98 levels and gained as much as 7 percent to trade at Rs 103 levels till the afternoon on Wednesday. The scrip gained after the company announced the appointment of its new Chairperson and Managing Director.
The Government of India has appointed Shri Rajesh Rai to the post of Chairman and Managing Director of ITI Limited for a period of five years with effect from the date of his assumption of charge of the post i.e. February 21st, 2023.
Shri Rajesh Rai is the former General Manager of Mahanagar Telephone Nigam Limited (MTNL). He is a seasoned telecommunication domain expert having more than 30 years of rich experience in the Telecommunication Industry.
‘The stock has been on a downward trend for some time now. In the past six months, it has shed approximately 10 percent of its price. The share zoomed up to a 52-week high of Rs 129.65 in July 2022 and is currently trading 17 percent away from those levels.
ITI Limited, the country’s premier telecom company, and multi-unit central public sector undertaking is a total solutions provider in the telecommunications segment. It offers a complete range of telecom products covering the whole spectrum of switching, transmission, and access & subscriber premises equipment.
In Q3FY23, their revenue from operations stood at Rs 256.35 Crore which jumped by more than 87 percent Year on Year from Rs 137.32 Crore. On a sequential basis, their revenues increased by 30 percent from Rs 197.55 Crore.
The company was able to narrow its losses down to Rs 87.61 Crore from Rs 92.61 Crore in Q3FY22 and from Rs 100.54 Crore in Q2FY23.
The PSU has a market capitalization of Rs 9,809 Crore and the majority stake of 90.17 percent is held by the president of India with zero pledge.
Written by Anoushka Roy
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