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ITI Shares Hit Lower Circuit After Reaching 52-Week High; Down 10%

Updated on: Jan 7, 2025, 12:24 PM IST
ITI shares hit a lower circuit limit after scaling a 52-week high today. BSE and NSE have placed the stock under the short-term ASM framework.
ITI Shares Hit Lower Circuit After Reaching 52-Week High; Down 10%
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ITI shares reached a 52-week high but hit a lower circuit limit shortly after. BSE and NSE placed the stock under the short-term ASM framework due to volatility, seeking clarification from the PSU.

ITI share price traded 9.99% lower ₹489.95 at 12:05 PM on the NSE. The stock price opened at ₹575.15 higher than ₹544.13 at the previous close. The share price hit the upper circuit limit of 20% yesterday and gained 19.09% in the previous session.

ITI Securities Placed Under ASM

The BSE and NSE have placed ITI’s securities under the Additional Surveillance Measure (ASM) framework to caution investors of heightened volatility. Exchanges use the ASM framework to address price fluctuations and to ensure investors are aware of unusual trading activity.

In response to the stock’s price and volume behaviour, the state-run PSU clarified that there are no pending events or disclosures that could impact the stock. It attributed the trading volume and price movements to market conditions.

Company’s Most Recent Business Development 

In November 2024, ITI Limited secured a contract worth ₹95 crore from the Directorate of Geology and Mining, Government of Uttarakhand, for the Mining Digital Transformation and Surveillance System (MDTSS) project.

This initiative aims to prevent illegal mining and mineral transportation while enhancing revenue for the state. ITI Limited will serve as the primary work agency, responsible for the development, implementation, and maintenance of the MDTSS in the districts of Dehradun, Haridwar, Udham Singh Nagar, and Nainital

A Memorandum of Understanding (MoU) for ₹95 crore, valid for 5 years, was signed between ITI Limited and the Uttarakhand Government.

About ITI

ITI Limited is a public sector undertaking established in 1948, specialising in telecommunications technology. Originally set up as a departmental factory, it has grown into a key player in the Indian telecom sector with a diverse portfolio of products and services. ITI operates manufacturing facilities in Bengaluru, Naini, Rae Bareli, Mankapur, and Palakkad, Bengaluru.

 

 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.

Published on: Jan 7, 2025, 12:18 PM IST

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