ITI lost 3.08% to Rs 135.20 at 12:10 IST on BSE, with the stock sliding on profit booking after recent rally triggered by the company being declared as lowest bidder for a large project.
Meanwhile, the S&P BSE Sensex was down 313.37 points or 0.98% at 31,609.07. The S&P BSE Mid-Cap index fell 225.24 points or 1.44% at 15,384.65.
On BSE, so far 10.62 lakh shares were traded in the counter as against the average daily volumes of 3.93 lakh shares in the past one quarter. The stock hit a high of Rs 147.40 in intraday trade so far, which is 52-week high for the counter. The stock hit a low of Rs 130 so far during the day. The stock had hit a 52-week low of Rs 26.20 on 30 September 2016.
The mid-cap company has equity capital of Rs 560 crore. Face value per share is Rs 10.
Shares of ITI had jumped 36.96% in the preceding two trading sessions to settle at Rs 139.50 on Friday, 22 September 2017, from its close of Rs 101.85 on 20 September 2017 after the company said after market hours on 20 September 2017 that it has been declared as lowest bidder in the Rs 7000 crore Phase IV tender of Army (Army Static Switched Communication Network - ASCON) for deploying and maintaining its strategic communication network across the country.
ITI Chairman and Managing Director S. Gopu had stated that the project will provide telecom solution and infrastructure with a two-year warranty and maintenance support of the network for eight years.
ITI's net profit fell 94.6% to Rs 0.37 crore on 46.1% decline in net sales to Rs 175.39 crore in Q1 June 2017 over Q1 June 2016.
ITI offers a complete range of telecom products and total solutions covering the whole spectrum of switching, transmission, access and subscriber premises equipment.
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