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    ITI shares surge over 12% in five days

    ITI shares surge over 12% in five days

    ITI shares surge over 12% in five days
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    By CNBCTV18.COM   IST (Updated)

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    Shares of ITI Ltd went up by over 8 percent on the BSE. At 10 am, the stock was trading at Rs 127.8 apiece. A total of 5.5 lakh shares had already changed hands on BSE so far in the day, as against a daily average of 4.8 lakh in the past two weeks, according to exchange data.

    ITI Ltd shares have recently shown upside movement logging more than a 12 percent rise in the past five days. There has been a 20 percent rise in the telecom stock in the last week.
    Shares of telecom equipment manufacturer ITI Ltd went up by over 8 percent on the BSE. At 10 am, the stock was trading at Rs 127.8 apiece. According to exchange data, a total of 5.5 lakh shares have changed hands on BSE so far in the day, as against a daily average of 4.8 lakh in the past two weeks.
    Commenting on the rise, Tirthankar Das, Head of Technical Research, Ashika Group said "Immediate resistance from the stock arises from the two-year old supply line adjoining the highs of August 2020(Rs 151) and July 2021 (Rs144) against which the elevated resistance is placed at Rs 135- Rs 137." 
    The recent price surge is also accompanied by strong volumes highlighting larger participation in the direction of the trend, das added.
    Also read:
    What accounts for the rise
    On July 13, Indian exchanges sought clarification from state-owned telecom equipment maker company ITI on the spike in trade volume. The company replied to this by saying that it’s a listed company and it abides by the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
    “As regards the volume of shares traded/share price, are purely based on market conditions and the company is not responsible for any increase or fall in volume or share price or any changes in stock market conditions," cited ITI.
    After this, the company’s stocks went up by nearly 4 percent on Friday and since then the stocks have been gaining on the Street.
    July 13 was the second time in a month when the exchange asked the company for clarification on sudden spikes in trade volumes.
    Shares of ITI had registered a 5.88 times spike in trade volume on July 12, 2022. The Indian exchanges sought a clarification from the telecom equipment maker company after this spike.
    The first such clarification was sought from the telecom equipment maker on June 21, 2022.
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