ITI surges on reports of stake-sale approval

ITI rose 18.61% to Rs 34.10 at 15:27 IST on BSE on reports the Union Cabinet has approved to sell stake in the company.

Meanwhile, the BSE Sensex was up 35.36 points, or 0.13%, to 27,843.50.

On BSE, so far 18.58 lakh shares were traded in the counter, compared with an average volume of 96,275 shares in the past one quarter. The stock hit a high of Rs 34.15 and a low of Rs 28.50 so far during the day. The stock hit a 52-week high of Rs 34.90 on 6 January 2016. The stock hit a 52-week low of Rs 21.75 on 25 August 2015. The stock had underperformed the market over the past one month till 12 July 2016, rising 1.41% compared with 4.40% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 13.41% as against Sensex's 10.59% rise.

The small-cap company has an equity capital of Rs 288 crore. Face value per share is Rs 10.

The Government of India (GoI) held 90% stake in ITI (as per shareholding pattern on 31 March 2016).

Net profit of ITI surged 10213.91% to Rs 237.22 crore on 147.55% rise in net sales to Rs 475.28 crore in Q4 March 2016 over Q4 March 2015.

ITI was established in 1948. Ever since, as a pioneering venture in the field of telecommunications, it has contributed to 50% of the present national telecom network. The company offers a complete range of telecom products and total solutions covering the whole spectrum of switching, transmission, access and subscriber premises equipment.

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