The shares of ITI Limited, a public sector undertaking zoomed more than 9% on the National Stock Exchange (NSE). At 11:57 AM it was trading at ₹ 111.70 apiece.
ITI Limited is a Government of India undertaking that is engaged in manufacturing, trading and servicing telecommunication equipment and rendering other associated and ancillary services. It focuses on offering telecom services.
The company’s board is going to consider and approve the allotment of equity shares to the President of India, as per the revival package. The board is scheduled to meet today. On account of this news, the shares reached an intraday high of ₹ 113.00 apiece on Wednesday’s early trades after closing at ₹ 103.45 on Tuesday. 67,46,361 shares changed hands by 12:00 PM on Wednesday.
ITI Limited is a mid-cap company with a market capitalization of ₹ 9743 crores. It is trading at a PE ratio of 89.03, which is significantly higher than the Industry PE of 26.28. This could mean that the stock is overvalued or its price is expensive. It has an ideal debt-to-equity ratio of 0.62, but a low return on equity of 4.73%.
Written by Simran Bafna
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