ITI shares rally over 19% to hit all-time high of Rs 545.55
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Shares of state-owned ITI Ltd, operating under the Department of Telecommunications, climbed as much as 19.3% on Monday, reaching an intraday high of Rs 545.55 on the BSE. The surge in the PSU's stock comes on the back of robust financial results and growing investor confidence, bolstered by the government’s emphasis on infrastructure development and rising demand for telecommunications equipment. ITI's participation in various strategic government contracts has further strengthened its market presence. On the relative strength indicator (RSI), ITI shares are currently positioned above the 70 mark, which indicates an overbought range. An RSI below 30 is considered oversold, while above 70 indicates overbought conditions, implying that the stock may experience some pullback eventually. Despite hitting a 52-week low of Rs 210 per share on the NSE on October 25, the company has shown remarkable growth over the past year. As of Januar...