ITI Shares Surge Over 36% In Two Days On Launching New Laptops, Micro PCs
Branded as ‘Smaash’, the products have already been deployed in the market, ITI said.
Shares of ITI Ltd. hit record high on Tuesday, rising over 36% in the last two sessions, after the company developed its own branded laptop and micro computer.
The stock had hit a three-year high intraday on Monday, following the announcement.
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 15.81% to a record high, before paring gains to trade 13.19% higher at 11:05 a.m. This compares to a 0.08% decline in the NSE Nifty 50.
The stock has gained 64.08% on a year-to-date basis. Total traded volume so far in the day stood at 60 times its 30-day average. The relative strength index was at 87, implying that the stock may be overbought.