Mumbai: Shares of India Tourism Development Corporation (ITDC) hit the 20 percent upper circuit on Monday, with the stock surging Rs 117.10 to Rs 702.80 during the day's trade. The sharp rally came after the stock opened at Rs 589.60, close to its previous closing price of Rs 585.70, before witnessing heavy buying throughout the session.
The stock touched an intraday high of Rs 702.80, which was also its upper circuit limit, while the day's low stood at Rs 586.40.
Near 52-Week High
With Monday's rally, ITDC shares moved very close to their 52-week high of Rs 712.80. The company currently has a market capitalisation of around Rs 6.03 crore (as shown on the exchange screen), while its price-to-earnings (P/E) ratio stands at 72.75.
The stock has recovered strongly during the session and remained locked at the upper circuit, indicating that demand from buyers remained much higher than the available sellers.
Buying Momentum Continues
The trading chart showed steady buying from the opening bell. After crossing the Rs 650 level in the morning, the stock continued moving higher and crossed the Rs 700 mark in the afternoon.
A stock hitting the upper circuit generally means buying demand is very strong, while sellers are limited. Such moves often attract the attention of traders and investors looking for momentum stocks.
Investors Keep Watch
Although Monday's rally was impressive, investors will now closely watch whether the stock is able to sustain these gains in the coming trading sessions. Market participants are also likely to monitor trading volumes, company developments and broader market sentiment for further direction.
As of 1:33 PM, ITDC shares were trading at Rs 702.80, up 19.99 percent for the day, making it one of the strongest gainers in the market.
Disclaimer: This article is for informational purposes only and should not be treated as investment advice. Investors should consult financial advisors before investing.
