Multibagger midcap telecom stock hits new 52-week high amid high volumes

Shares of ITI Ltd surged to a 52-week high on Friday (October 13) amid heavy trading volume. The stock spurted as much as 14 per cent to Rs 257.5 apiece in morning deals, surpassing an existing 52-week high registered on Tuesday. 

At 11:15 am, the stock held on to much of its intraday gains, up 11.7 per cent at Rs 252.4 apiece on BSE. As many as18.1 lakh shares changed hands on the bourse for the day, as against a daily average of 6.6 lakh recovered over the past two weeks, according to provisional exchange data. 

On Thursday, the company in a regulatory filing provided the brief profile of B K Ramadhyani & CO LLP, a Bengaluru-based that had been appointed as the telecom company's statutory and branch auditor for the financial year ending March 2024.

“B K Ramadhyani & Co LLP (“the Firm”), was founded in year 1938 by Mr. B K Ramadhyani. The Firm has 7 partners and is based in Bangalore. All the partners of the Firm operate from Bangalore. All the partners have the experience of more than 15 years,” said the company’s filing. 

ITI also said the firm has experience in a wide range of industries, including engineering , banking , hospitality, real estate , software and insurance.

On Tuesday, the exchange sought clarification from ITI with respect to the movement in its stock volume.

According to the latest shareholding pattern as of September 2023,  90.28 per cent of the company's shareholding is with promoters, 0.09 per cent with FIIs, 7.62 per cent with DIIs, and 1.99 per cent with the public.

How have ITI shares performed in the past?

The stock of the telecom equipment and accessories company has delivered multibagger returns to the tune of 143 per cent in the past year. The stock’s 52-week low and high prices are Rs 86.6 and Rs 257.5 per share, respectively.

ITI shares have grown 52 per cent and 135 per cent in one and three months, respectively. 

Financial performance 

For the quarter ended June 30, the company reported a consolidated net loss of Rs 102.8 crore as against a loss of Rs 99.7 crore for the corresponding period a year ago. 

Its revenue from operations fell to Rs 170 crore for the quarter under review from Rs 188.3 crore for the year-ago period.The company is yet to report its financial results for the quarter ended September 30. 

About ITI Ltd 

ITI Limited is a midcap company with a market value of Rs 24,402 crore. The company is engaged in the business of manufacturing, trading and servicing of telecommunication equipment and rendering other associated and ancillary services.