You are here: Home » News-CM » Equities » Hot Pursuit
Business Standard

ITI skids as Q1 net loss widens to Rs 102 cr

Capital Market 

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.

Powered by Capital Market - Live News

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Tue, September 15 2020. 11:40 IST
RECOMMENDED FOR YOU
RECOMMENDED FOR YOU