Multibagger stock below Rs 100: This mid-cap company commissions a 1 MW solar plant!

The net profit skyrocketed by 1,233.34 per cent in FY22 over FY21.   

Multi-technology public sector major ITI Limited has commissioned a 1MW on-grid solar power plant at its ITI Palakkad Plant. With the commissioning of the system, ITI Limited will not only be able to save big on electricity charges but also will be able to bank and sell surplus energy to the energy grid of Kerala State Electricity Board Limited (KSEBL), as bidirectional ABT Meters have been commissioned here. ITI Palakkad Plant will be saving significantly on energy bills on account of this installation. The Project aims to contribute towards environmental sustainability & marks an important milestone on the road to the Company’s goal of adopting new technology.  

Today, shares of ITI Ltd zoomed 0.32 per cent to Rs 94.90 per share from its previous closing of Rs 94.60 with an intraday high of Rs 95.50 and an intraday low of Rs 94.22. The stock had a 52-week high of Rs 129.50 and a 52-week low of Rs 80.35.   

ITI Limited is engaged in manufacturing, trading and servicing telecommunication equipment and rendering other associated and ancillary services. The company focuses on offering telephone communication services.  

ITI Ltd has a market cap of over Rs 9,000 crore. In Q3FY23, net sales rose by 86.86per cent over Q3FY22. The net profit skyrocketed by 1,233.34 per cent in FY22 over FY21.   

The stock gave multibagger returns of 430 per cent in 1 decade and since the stock is listed (January 01, 1999) it generated returns of over 750 per cent. Investors should keep an eye on this Mid-Cap telecom stock.