Money on the markets

A maturing market amid the mayhem

ITI shares jump

December 24, 2009

INDIA

Telecom gear maker ITI Ltd jumped after the government extended until September 2010 a requirement for state-run telecoms to source 30 percent of equipment orders from it.

Shares in the counter jumped almost 17 percent to a 52-week high of 53.20 rupees before ending 11.2 percent higher at 50.65.

ITI ended the day with a volume of over 6 million shares, against an average volume of 275,680.41 for the month of December.

The telecoms ministry is working on a revival package for ITI and state-run BSNL and MTNL will have to pay 70 percent in advance for orders with ITI to meet the equipment maker’s working capital needs.

Do you think the counter makes a good buy at this point in time?

Post Your Comment

We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/
  •