ITT expects its 2nd-quarter net to rise about 50%.

The conglomerate said the expected increase in profits over the second quarter of 1984 includes net capital gains from divestitures. Excluding those gains, earnings will rise more than 10%, reflecting continuing operating improvements, the firm said. During the second quarter, the firm completed the sales of 12 industrial technology companies, a publishing operation and a 48% stake in a life insurance operation.