Telecom stock surges 11% after this clarification on spurt in volume
Premium- Stock market today: ITI share price today opened upside and went on to hit its intraday high of ₹121.30 apiece levels
Stock market today: Shares of state-owned telecom equipment maker company ITI have surged more than 11 per cent today after the company replied to the clarification sought by Indian exchanges on the recent spurt in trade volume of the stock. ITI share price today opened upside and went on to hit its intraday high of ₹121.30 apiece levels, logging more than 11 jump on Friday trade session.
ITI shares have recently shown upside movement logging more than 22 per cent rise in last one week that caught attention of Indian exchanges. On 13th July 2022, Indian exchanges sought clarification from the telecom allied company to which the government-owned company company replied citing, "Being a listed Company, we abide by and comply with the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and, to the best of our knowledge, we always intimate the Stock Exchanges on such events related to the Company, which might have a bearing in the market. We wish to confirm that as on date there are no matters/events which is pending for disclosures to the Stock Exchanges that may have a bearing on the price/volume behaviour in the Company's scrip. 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."
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After this clarification by the telecom company, trade volume of ITI shares spurt 3.14 times in early morning session on Friday that led to sharp upside movement in the stock. ITI shares' had registered 5.88 times spurt in trade volume on 123th July 2022 that prompted Indian exchanges to sought clarification from the telecom equipment maker company. In less than one month, this is for the second time when exchange had asked for clarification from the company on sudden spurt in trade volume. earlier on 21st June 2022, Indian exchanges had sought clarification from the telecom equipment manufacturer company on sudden jump in trade volume of the telecom stock.
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