Why Are ITI Shares Skyrocketing Today?

Shares of ITI surged over 8% to hit Friday’s intraday high of ₹95.53 to halt its four-day losing streak.

What Happened: The surge in the public service undertaking comes as the stock had been struggling at the bourses this week. Prior to today’s surge, the company’s stock closed in the red for 10 out of the last eleven sessions. The reason behind the surge however wasn’t immediately clear.

See Also: HAL Shares Slump As Government Looks To Cut Stake

The company last month had announced that the government has appointed Rajesh Rai as the Chairman and Managing Director for a period of five years with effect from Feb. 21. Rai has over three decades of experience in the telecommunications sector.

Shares of the company have been having a rough time at the bourses. The stock is down around 3% in the past month and around 11% down year-to-date.

Price Action: Shares of ITI were up 7% to trade at ₹94.15 in the afternoon hours of trading on Friday.

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Posted In: Public Service EnterpriseTelecom Services Stockstelecommunications industry