ITI shares gained 6 percent on February 22 after Rajesh Rai took over as the chairman and managing director of the company.
The Government of India appointed Rai as the CMD of the telecom solutions provider for five years with effect from the February 21. He will continue till the his superannuation, or until further orders, whichever comes first.
Rakesh Chandra Tiwari, the director of marketing, was handling the CMD portfolio till now. With the government order he has relinquished the additional charge of CMD and will remain as director of marketing at ITI.
Rai is a seasoned telecommunication domain expert with more than 30 years of rich experience in telecommunication industry. Before joining ITI, Rai served as General Manager of Mahanagar Telphone Nigam (MTNL), Mumbai.
"My focus area will be to ramp up production and do whatever it takes to increase revenue of the company and make it one of the best places to work with for employees," said the electronics engineering graduate. He did his MTech in computer science and MBA from FMS, Delhi University.
ITI has narrowed losses to Rs 87.61 crore for the December FY23 quarter, compared to the Rs 92.61-crore loss incurred a year back as EBITDA (earnings before interest, tax, depreciation and amortisation) loss narrowed down to Rs 34.67 crore, from Rs 37.74 crore last year.
Consolidated revenue from operations remained strong at Rs 256.35 crore, up 87 percent over corresponding period last fiscal.
Technical View
ITI has formed long bullish candlestick pattern with long upper shadow on the daily charts, indicating a bit of profit booking at higher levels. The stock rallied as much as 8.9 percent but there was a bit of profit taking at higher levels.
As a result, it was trading at Rs 103.05 on the NSE, up 6.07 percent with strong volumes, at the time of writing this article.
The stock rebounded sharply after three-day of downtick, and traded with biggest single-day gains since November 2022.
It traded above all near-term key moving averages (5, 9 and 21-day EMA - exponential moving average - Rs 99.75, Rs 99.60 and Rs 100.52), but seems to be finding difficult to stay over the short term moving average (50-day EMA - Rs 102.96), though momentum indicator RSI (relative strength index 14) rebounded sharply from around oversold zone to over 50 level (at 56) indicating strength in the counter.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
