The share price of ITI Limited skyrocketed by approximately 42% in the last three days. The stock increased by almost 10% on December 10 to hit a record high of ₹404 on the NSE. From its previous close of ₹368.10, it opened at ₹385 and went on to touch an intraday high of ₹404. By 10:30 AM, it was at ₹395.40, higher by 7.42%. During this period the market capitalisation of the company crossed ₹38,000 crore.
This incredible rebound comes after a lift of 15% on a Monday and more than 13% on the prior trading session.
About ITI Limited
ITI is a major PSU in the telecommunications technology sector and it was set up in 1948. The company has production units in Bengaluru, Naini, Rae Bareli, Mankapur, and Palakkad with a research and development center in Bengaluru and 25 Mini Spice Parks (MSP) all over India. It continues to offer ICT products, IoT solutions, smart city solutions, and telecom services while shifting its emphasis toward the delivery of turnkey projects.
The overall revenue of ITI increased by 312.3% on a YoY basis in Q2FY25. However, it reported a loss of 70.33 crore, down 44.19% from the prior year.
Expert Recommendations
Some analysts opine that there is still a need for great caution while others believe it is time for the rally to peak.
Jigar S. Patel from Anand Rathi stated – “The ITI share price has broken above the R3 Camarilla weekly resistance level of ₹373.55. A weekly close above this level is crucial for further strength. If sustained, the next target is ₹442.55. Until then, it is prudent to book profits.”
Furthermore, Hardik Matalia from Choice Broking noted that “The stock’s technical indicators show a bullish outlook. ITI has breached its 20, 50, 100, and 200-day EMAs, supported by strong volumes. The formation of a higher high and higher low pattern suggests a sustained uptrend. Investors at lower levels should book partial profits and set trailing stop-losses around ₹350.”
Disclaimer: Although ITI has a strong technical aspect suggesting further growth it is possible to ascend rapidly therefore caution is needed. The public is encouraged to seek advice from certified financial advisors before making their choices.
