Shares of ITI were locked in the 10 percent lower circuit on January 7, snapping a two day winning streak. Prior to today's fall, the stock was locked in the 20 percent upper circuit for two consecutive sessions, giving investors plenty leeway to cash out partial profits.
The stock had opened higher today as it first hit a record high of Rs 592.70 before investors rushed to book profits off the counter. At 10.31 am, shares of ITI were locked at Rs 489.95 on the NSE.
The sharp moves in the stock were also triggered by an influx of heavy trading volumes. As much as two crore shares already changed hands on the exchanges in comparison to the one-month daily traded average of three crore shares.
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The surge in the shares of ITI in the past two sessions were also fuelled by heavy trading volumes, prompting the stock exchanges to seek clarification from the company about the abnormal stock price movement. Meanwhile, the bull run in the stock within the last two sessions, helped it surpass a market capitalisation of Rs 50,000-crore mark for the first time ever.
While most state-owned companies faced stock price corrections since the July-August period, ITI has stood resilient, delivering an impressive 80 percent return. This performance has made it the top growth multiplier among PSUs in 2024, outpacing other well-known names in the defence and railway sectors.
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