On the technical charts, the RSI of the stock stood at 30.35.

The company is under the ownership of the Ministry of Communications, Government of India. ITI produces mobile infrastructure products based on code division multiple access (CDMA) and the global system for mobile (GSM) technologies.

The stock quoted a 52-week high price of Rs 3013.0 and low of Rs 844.8.

Analysts believe that select stocks, from IT and financials, have the potential to reward the investors in the near term. ​

A total of 1,955,239 shares changed hands on the counter till 02:05PM (IST)

In an exchange filing, the firm said, Four fully paid up equity shares of Rs 10 each of the resulting company shall be issued and allotted to the equity shareholders of the demerged company for every one fully paid up equity shares of Rs 10 each held by them in the demerged company as on the record date.

“Things are challenging on the external front. India is going to be running a higher current account deficit this year. There is a little bit of pressure on the rupee at the moment and some inflationary pressure globally and also in the domestic economy in India. We expect growth to be pretty strong going forward still. We see the economy growing at a rate of 7.3% this year and then over the next few years, staying above 6.5% on a real basis per year.”

Yet the Portuguese government may throw a wrench in the country’s status as a crypto hub. In May, Fernando Medina, the finance minister, said the government was considering taxing crypto earnings like regular income and “intends to legislate on this matter.” A decision could come next month when Portugal releases its annual budget.

Investors globally are on edge as surging borrowing costs stoke fears of widespread recession, with most of the world's major central banks putting their focus squarely on tightening policies to contain super-heated inflation.