ITI Shares Hit Three-Year High After New Laptops, Micro PC Launches
Branded as ‘Smaash’, the products have already been deployed in the market.
Shares of ITI Ltd. rose to an over three year high on Monday after it developed its own branded laptop and micro computer.
Branded as ‘Smaash’, the products have already been deployed in the market, according to an exchange filing. ITI Ltd. has won many tenders, competing against multi-national brands like Acer Inc., Hewlett-Packard Co., Dell Computer Corp. and Lenovo Group Ltd., it said.
The two flagship products— laptops and micro computers— have been designed in association with Intel Corp. A Memorandum of Understanding has also been signed with the semiconductor chip manufacturer for design and manufacturing.
Shares of the company rose as much as 17.16%, the most since Aug. 20. 2020, before paring gains to trade 14.66% higher at 12:49 p.m. This compares to a 0.65% advance in the NSE Nifty 50.
The stock has gained 36.8% on a year-to-date basis. Total traded volume so far in the day stood at 11 times its 30-day average. The relative strength index was at 79, implying that the stock may be overbought.