Stock market today: Shares of public sector undertaking (PSU) Indian Telephone Industries (ITI) hit the 5% upper circuit limit on Friday, February 21, taking its winning streak to the third straight session. The rally follows the company’s announcement that it would receive ₹200 crore from the sale of land to C-DoT.
The company has received a revised order from the AMRCD, stipulating that ITI shall transfer its 22.258 acres of land situated at Electronic City, Bangalore to C-DoT through a sale deed for a consideration of ₹200 crores, stated the exchange filing shared by the company.
ITI received an initial tranche of ₹100 crore from C-DoT on February 19, 2025, as part of the executed sale agreement between the company and C-DoT. Meanwhile, the remaining part of the consideration is expected to be received after the completion of other statutory formalities by the company in this regard, the filing added.
Share Price Trend
ITI share price hit the 5% upper circuit limit for the third consecutive session on Friday, taking the three-day gains to 15%.
The stock opened at ₹281.20 per share, higher than its previous close of ₹270.50. Thereafter, it extended gains to hit the day’s high of ₹284, its 5% upper price band.
However, despite today’s gain the stock is trading 52% lower than its 52-week high of ₹592.85 scaled in January 2025. Meanwhile, in the last one month, the stock has tanked 26%. Even in the last one year, the scrip is trading in the red, shedding 13% of its value.
Q3 Snapshot
The company, last week, posted its financial results for the quarter ended December 2024. The PSU company’s losses narrowed to ₹48.88 crore from ₹101.25 crore in the same quarter last fiscal. Its revenue from operations surged a whopping 300% in Q3 FY25 to ₹1034.54 crore from ₹258.84 crore on a year-on-year (YoY) basis. At the operating level, ITI Ltd reduced its EBITDA loss to ₹10.6 crore in Q3 FY24, compared to a loss of ₹43.5 crore in the year-ago period.
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