ITI skids as Q1 net loss widens to Rs 102 cr

ITI declined 2.57% to Rs 130.55 after the company reported consolidated net loss of Rs 102.29 crore in Q1 June 2020, higher than net loss of Rs 61.04 crore in Q1 June 2019.

Consolidated net sales rose 2.5% to Rs 165.01 crore in Q1 June 2020 over Q1 June 2019. The result was announced post trading hours yesterday, 14 September 2020.

The company said it has estimated from internal sources that there is a decrease of around more than 50% in turnover was affected due to COVID-19. The COVID-19 pandemic outbreak has brought about economic disruptions and uncertainties and ascertaining its impact is difficult.

State-run ITI offers complete range of telecom products and total solutions covering the whole spectrum of switching, transmission, access and subscriber premises equipment. As of 30 June 2020, the Government of India held 90.27% stake in the company.

The stock has surged 190.76% from its 52-week low of Rs 44.90 hit on 13 March 2020. On the technical front, the stock's RSI (relative strength index) stood at 47.101. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading between its 50-day moving average (DMA) placed at 133.54 and its 200-day moving average (DMA) placed at 97.18.

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