ITI shares zoom 20% to hit 52-week high; here's what fuelling the upward move
ITI share price: Today's upward move in the share price came after the state-run telecom solutions provider said it has developed its own branded laptop and micro-PC. ITI Ltd, a Central PSU under Ministry of Communication, said the products would match international quality and performance.
- Sep 11, 2023,
- Updated Sep 11, 2023 3:30 PM IST
Shares of ITI Ltd saw a sharp rise in Monday's trade to hit their fresh one-year high. The stock today rallied 20 per cent to hit a 52-week high of Rs 149.40 against its previous close of Rs 124.50. The scrip has gained 31.57 per cent in a month and 40.55 per cent in 2023 so far. Around 14.02 lakh shares changed hands on BSE today. This was way more than the two-week average volume of 1.31 lakh shares. Turnover on the counter stood at Rs 19.88 crore, commanding a market capitalisation (m-cap) of Rs 14,355.65 crore. There were 16,52,442 buy orders today compared to sell orders of nil shares.
Today's upward move in the share price came after the state-run telecom solutions provider said it has developed its own branded laptop and micro-PC. ITI Ltd, a Central PSU under Ministry of Communication, said the products would match international quality and performance.
"Branded as 'SMAASH', the products have already been deployed in the market, and ITI Ltd has won many tenders competing against MNC brands like Acer, HP, Dell and Lenovo. The two flagship products - Laptop and Micro PC have been designed in association with Intel Corporation with which an MOU has been signed for design and manufacturing," ITI stated.
The PSU said SMAASH products save electricity, cost, and workspace and over 12,000 such PCs have been deployed and are successfully performing at various customer sites. "SMAASH PC comes in variants like i3, i5, i7 and so on. One of the solutions that ITI Ltd offers is the SMAASH PCs with solar solutions. The SMAASH PCs are highly compatible with solar solutions since they take DC input," it added.
ITI Ltd said it has recently won two tenders from KITE (Kerala Infrastructure and Technology for Education) and has supplied around 9,000 laptops to Kerala government schools.
Rajesh Rai, Chairman and Managing Director of ITI Ltd, said, "SMAASH brand is being received well and is helping us win tenders in cut throat markets. It is indeed a challenging task to win tenders competing with MNCs who have global reach and deep pockets. We have to continuously innovate not only with technology but also with our business model and SMAASH delivers every time."
On technical setup, the counter was last seen trading higher than the 5-day, 10-, 20-, 30-, 50-, 100-, 150-, 200-day simple moving averages (SMAs). The counter's 14-day relative strength index (RSI) came at 82.13. A level below 30 is defined as oversold while a value above 70 is considered overbought. The company's stock has a negative price-to-equity (P/E) ratio of 32.93 against a price-to-book (P/B) value of 4.87.
The scrip has a one-year beta of 0.56, indicating low volatility.
Also read: Hot stocks on September 11, 2023: Adani Power, Coffee Day, IRFC, Mazagon Dock, IRCON and more
Shares of ITI Ltd saw a sharp rise in Monday's trade to hit their fresh one-year high. The stock today rallied 20 per cent to hit a 52-week high of Rs 149.40 against its previous close of Rs 124.50. The scrip has gained 31.57 per cent in a month and 40.55 per cent in 2023 so far. Around 14.02 lakh shares changed hands on BSE today. This was way more than the two-week average volume of 1.31 lakh shares. Turnover on the counter stood at Rs 19.88 crore, commanding a market capitalisation (m-cap) of Rs 14,355.65 crore. There were 16,52,442 buy orders today compared to sell orders of nil shares.
Today's upward move in the share price came after the state-run telecom solutions provider said it has developed its own branded laptop and micro-PC. ITI Ltd, a Central PSU under Ministry of Communication, said the products would match international quality and performance.
"Branded as 'SMAASH', the products have already been deployed in the market, and ITI Ltd has won many tenders competing against MNC brands like Acer, HP, Dell and Lenovo. The two flagship products - Laptop and Micro PC have been designed in association with Intel Corporation with which an MOU has been signed for design and manufacturing," ITI stated.
The PSU said SMAASH products save electricity, cost, and workspace and over 12,000 such PCs have been deployed and are successfully performing at various customer sites. "SMAASH PC comes in variants like i3, i5, i7 and so on. One of the solutions that ITI Ltd offers is the SMAASH PCs with solar solutions. The SMAASH PCs are highly compatible with solar solutions since they take DC input," it added.
ITI Ltd said it has recently won two tenders from KITE (Kerala Infrastructure and Technology for Education) and has supplied around 9,000 laptops to Kerala government schools.
Rajesh Rai, Chairman and Managing Director of ITI Ltd, said, "SMAASH brand is being received well and is helping us win tenders in cut throat markets. It is indeed a challenging task to win tenders competing with MNCs who have global reach and deep pockets. We have to continuously innovate not only with technology but also with our business model and SMAASH delivers every time."
On technical setup, the counter was last seen trading higher than the 5-day, 10-, 20-, 30-, 50-, 100-, 150-, 200-day simple moving averages (SMAs). The counter's 14-day relative strength index (RSI) came at 82.13. A level below 30 is defined as oversold while a value above 70 is considered overbought. The company's stock has a negative price-to-equity (P/E) ratio of 32.93 against a price-to-book (P/B) value of 4.87.
The scrip has a one-year beta of 0.56, indicating low volatility.
Also read: Hot stocks on September 11, 2023: Adani Power, Coffee Day, IRFC, Mazagon Dock, IRCON and more