Shares of state-owned ITI surged over 17 percent to hit an eight-month high of Rs 107.45 on Tuesday after the company posted a consolidated net profit of nearly Rs 170 crore for the December quarter.
ITI shares climbed as much as 17.23 percent to Rs 107.45 apiece intraday on BSE. On the National Stock Exchange, ITI shares rose to as much as Rs 107.40 apiece, up 17.24 percent.
The company had posted a net profit of Rs 13.58 crore in the year-ago period, ITI said in a BSE filing on Monday.
The company’s revenue from operations rose 47 percent to nearly Rs 827.95 crore in the quarter under review from Rs 563.23 crore in October-December 2018.
The company posted an operating profit of Rs 64.7 crore for October-December, against an operating loss of Rs 19.3 crore in the year-ago period.
Besides, the company's board has appointed Rajeev Srivastava as the Chief Financial Officer.
At 12:02 pm, ITI shares traded 14.40 per cent higher at Rs 104.85 apiece on the BSE. The benchmark Sensex index was 0.66 per cent up at that time.
Market breadth favoured gains, with 1,504 stocks trading higher on the BSE against 625 moving lower. On the NSE, 1,287 shares advanced while 415 declined.
First Published: IST