President of India’s portfolio sold 27,36,405 shares of this multibagger telecom equipment stock with Rs 11,460.14 crore order book!
The stock gave multibagger returns of over 200 per cent from its 52-week low of Rs 89.60 per share.
Today, shares of ITI Ltd surged 0.68 per cent to Rs 268.30 per share compared to the previous closing of Rs 266.50. The intraday high was Rs 277.15 while the intraday low was Rs 265.90.
ITI Ltd, a telecommunications company owned by the Indian government, manufactures and sells telecom equipment (including telephones and energy meters), offers services like manufacturing for other companies and equipment testing, and also tackles large-scale projects for internet access, defence communication, and more. The company order book as of June 2023, stands at Rs 11,460.14 crore.
The President of India sold 27,36,405 shares or 0.28 per cent and decreased their stake to 90 per cent in March 2024 compared to 90.28 per cent in December 2023.
The company has a market cap of over Rs 25,000 crore with a 3-year stock price CAGR of 35 per cent. As of March 2024, the promoters own a 90 per cent stake, FIIs own a 0.11 per cent stake, DIIs own a 0.02 per cent stake, the Government owns a 7.9 per cent stake and the public owns a 1.97 per cent stake.
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The company's quarterly (Q3FY24) and year-to-date (9MFY24) results were mixed, with ongoing net sales growth despite continued net losses. The company's financial health is concerning, with a low-interest coverage ratio, negative sales growth, low return on equity, high debtors’ days, and a significant increase in working capital days, indicating potential difficulty meeting debt obligations, stagnant growth, inefficiency in collecting payments from customers, and issues managing current assets and liabilities.
The stock gave multibagger returns of over 200 per cent from its 52-week low of Rs 89.60 per share. Investors should keep an eye on this Mid-Cap telecom stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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