ITI stock zoom by more than 10 per cent

Public sector undertaking, ITI Limited, recently announced the unaudited standalone and consolidated quarterly results for the third quarter of the financial year, clocking a turnover of Rs 919 crores. With this, the company's net worth has become positive after a period of 16 years.

The company's revenue from operations rose 47 per cent to Rs 827.95 crore in the quarter under review from Rs 563.23 crore in Q3FY19. Net profit saw significant growth in the recent quarter, growing from Rs 13.58 crore to Rs 168.25 crore on a YoY basis.

Speaking on the announcement, Rakesh Mohan Agrawal, CMD of ITI, stated that the company is focusing on strategic areas and is intending to maintain a steady growth in the future. Moreover, ITI has a sound order book and was poised to take off.

ITI Limited is a company, engaged in manufacturing, trading, and servicing of telecommunication equipment and rendering other associated and ancillary services. The company focuses on offering telephone communication services and offers a range of telecom products and solutions, including switching, transmission, access, and subscriber premises equipment.

Towards market closing, the stock was trading at Rs 103.60, up by 13.04 per cent or Rs 11.95 per share. The 52-week high is recorded at Rs 116.80 and the 52-week low is recorded at Rs 56.15.