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In a striking departure from the overall market trend, the share price of public sector undertaking ITI Limited has risen by 30 per cent in two days, adding over Rs 4,000 crore in m-cap, after announcing a major partnership with Intel for the production of laptops and micro PCs.
The stock went up by 20 per cent on Monday when the pact with Intel was announced, and by another 13 per cent on Tuesday, recording a fresh 52-week high of Rs 172.80. The stock trades at Rs 169.10 at 11 am IST, valuing the company at Rs 16,248 crore, in a weak market for most other stocks.
The company announced the launch of its proprietary laptops and micro-PCs under the brand name SMAASH. As a result, the company’s scrip closed at a 52-week high of Rs 149.40 on the exchange board on Monday, compared to Friday’s closing of Rs 124.50.
The two flagship products — laptop and micro-PC — have been designed under a design and manufacturing MoU with Intel Corporation, the company said in a release.
Additionally, the PSU recently won two tenders from KITE (Kerala Infrastructure and Technology) for the supply of around 9,000 laptops to government schools in Kerala.
ITI is a telecom company and multi-unit central public sector undertaking. The company has manufacturing facilities in six locations (Bengaluru, Naini, Raebareli, Mankapur, Srinagar and Palakkad) along with an in-house R&D centre in Bengaluru.
In FY23, ITI recorded Rs 1,395 crore topline but posted a loss of Rs 360 crore due to higher expenses.
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