Multibagger stock ITI skyrocketed 20%, hitting the upper circuit in Monday's trading session amid positive sentiment on Dalal Street. ITI share price opened at ₹216.25 apiece on NSE today, as compared to the previous close of ₹215.95 on Friday last week and touched an intraday high of ₹259.14 on 2 November.
Meanwhile, Indian equity benchmark indices Sensex and Nifty opened higher on Monday, supported by a strong rally in heavyweight Reliance Industries following its earnings announcement and a decline in crude oil prices. The 30-share BSE Sensex climbed 764.72 points to 75,216.80 in early trade, while the 50-share NSE Nifty advanced 201.40 points to 23,255.90.
The stock rally came amid spurt in trading volume. Trading activity in the stock surged several-fold, with a combined 13.09 million shares, equivalent to 1.35% of ITI's total equity, changing hands on the NSE and BSE.
ITI share price has witnessed a strong recovery in the near term, gaining 19.18% over the past week. The stock has also delivered positive returns over the past month, rising 7.29%, indicating an improvement in its recent trading momentum.
However, ITI shares continue to remain under pressure over longer time frames. The stock has declined 16.64% year-to-date (YTD) and is down 20.19% over the past year. It has also lost 4.43% over the past three years, reflecting a relatively weak performance during the period.