ITI Stock Surges to Record High, Jumping 18% in 2 Days
31st Dec 2024
ITI Stock Performance and Trading Details
Shares of state-run ITI Ltd continued their impressive rally, jumping 9.35% to hit a record high of Rs 413.95 on Tuesday. The stock eventually settled 1.97% higher at Rs 386, marking a 17.68% gain in just two trading sessions. The trading volume was significantly higher than the two-week average, with around 29.18 lakh shares changing hands and a turnover of Rs 114.07 crore. ITI's market capitalization currently stands at Rs 37,090.24 crore.
Analyst Insights on Resistance and Support Levels
According to analysts, the Rs 380-390 range is a critical resistance zone where profit-booking may be advisable. A decisive breakout above Rs 415 could invalidate this resistance and potentially trigger further upward momentum toward the Rs 425 level. Traders are advised to wait for confirmation of the breakout before entering new long positions. On the lower end, Rs 360 is likely to act as an intermediate support, followed by the crucial support around Rs 335.
Company Background and Shareholding Structure
ITI is a central public sector undertaking (PSU) under the Ministry of Communication. The government currently holds a 90% stake in the state-owned firm. The stock has a negative price-to-equity (P/E) ratio of 73.95 and a price-to-book (P/B) value of 23.35, with earnings per share (EPS) of (-) 5.22 and a return on equity (RoE) of (-) 31.60%.
Shares of state-run ITI Ltd continued their impressive rally, jumping 9.35% to hit a record high of Rs 413.95 on Tuesday. The stock eventually settled 1.97% higher at Rs 386, marking a 17.68% gain in just two trading sessions. The trading volume was significantly higher than the two-week average, with around 29.18 lakh shares changing hands and a turnover of Rs 114.07 crore. ITI's market capitalization currently stands at Rs 37,090.24 crore.
Analyst Insights on Resistance and Support Levels
According to analysts, the Rs 380-390 range is a critical resistance zone where profit-booking may be advisable. A decisive breakout above Rs 415 could invalidate this resistance and potentially trigger further upward momentum toward the Rs 425 level. Traders are advised to wait for confirmation of the breakout before entering new long positions. On the lower end, Rs 360 is likely to act as an intermediate support, followed by the crucial support around Rs 335.
Company Background and Shareholding Structure
ITI is a central public sector undertaking (PSU) under the Ministry of Communication. The government currently holds a 90% stake in the state-owned firm. The stock has a negative price-to-equity (P/E) ratio of 73.95 and a price-to-book (P/B) value of 23.35, with earnings per share (EPS) of (-) 5.22 and a return on equity (RoE) of (-) 31.60%.