ITI share price surged over 17% to hit a 52-week high on Monday's trading session after the company announced about its own laptop and micro PC brand ‘SMAASH’ in partnership with Intel Corporation. ITI share price today opened at ?125.70 apiece on BSE. ITI stock price gained nearly 1% in its early trade today. Following the news of its debut of two new products at noon, the stock price jumped by over 10% to 17%.
According to Rajesh Bhosale - Equity Technical and Derivative Analyst, Angel One, ITI stock has seen strong positive momentum up 15% with strong volumes. Overall this counters has been in a strong uptrend and expected to continue perfrormance in near term. Immediate support is ?135 and ?165 is next possible target.
The company stated in its filing that 'SMAASH' matches international quality and performance and the products are already in use, and despite tough competition against MNC brands like Acer, HP, Dell, and Lenovo, the company has won many tenders.
The company also stated that it had a Memorandum of Understanding (MoU) with Intel Corporation, with whom it has jointly designed and manufactured its products.
All required certifications, including those from the BIS (Bureau of Indian Standards), ROHS (Restriction of Hazardous Substances), BEE (Bureau of Energy Efficiency), CE (European Conformity), FCC (Federal Communication Commission), and others, have been obtained by SMAASH products. SMAASH laptops and PCs are designed and manufactured for consistent performance, the company said.
Rajesh Rai, Chairman and Managing Director of ITI Ltd said– “I am very elated to state that we have developed SMAASH, our branded laptop and Mini PC. Our talented Palakkad Team has put in all-out efforts to make this feat possible. SMAASH brand is being received well and is helping us win tenders in cut throat markets.
Rai also added – “It is indeed a challenging task to win tenders competing with MNCs who have global reach and deep pockets. We have to continuously innovate not only with technology but also with our business model and SMAASH delivers every time".
