ITI Stock Surged 10% On New Orders
Separately, ITI also emerged as the lowest bidder in Himachal Pradesh, and for a package West Bengal, and Andaman and Nicobar Islands with an order value of Rs 3,022 crore
The stock price of ITI surged 10 per cent in the Monday trading session after the State-owned premier telecom manufacturing company emerged as the lowest bidder for a Bharatnet Phase-3 project comprising Arunachal Pradesh, Nagaland and Manipur states with an order value of Rs 1,537 crore.
ITI stock traded with 9.17 per cent gain at Rs 331 in the afternoon session on the National Stock Exchange (NSE).
Separately, ITI also emerged as the lowest bidder in Himachal Pradesh, and for a package West Bengal, and Andaman and Nicobar Islands with an order value of Rs 3,022 crore.
With this, ITI emerged as the lowest bidder for three packages taking the total order value to Rs 4,559 crore, the company informed stock exchanges in a filing today.
The Bharatnet phase-3 project is divided into 16 packages spread across all states and union territories.
BSNL had invited tenders for the design, supply, construction, installation, upgradation, operation and maintenance of the middle mile network of the Bharatnet Phase-3 project on a design build operate and maintain (DBOM) model.
Rajesh Rai, Chairman and Managing Director, ITI, said, “We are ecstatic to have emerged as L1 for yet another package of the prestigious Bharatnet Phase-3 project in the states of Arunachal Pradesh, Nagaland and Manipur. I feel this will be an inflection point for ITI and my whole team is excited to make the Company shine even brighter.”
Rai added, emerging L1 for three big packages of Bharatnet projects in difficult terrains like Andaman and North East region is not only exciting but throws up many challenges for the Company, and my team is fully inspired to execute and deliver excellence yet again. ITI has accumulated vast experience in executing optical fibre network (OFN) across India for defence and Bharatnet projects.
Recently, ITI won an order from the Bihar Renewable Energy Development Authority (BREDA) for the supply and installation of 100,000 numbers of solar street light systems to the Bihar government worth Rs 300 crore.
ITI has manufacturing facilities in six locations, Bengaluru, Naini, Raebareli, Mankapur, Srinagar and Palakkad along with an in-house research and development centre in Bengaluru and marketing, sales and projects offices spread across the country. (ANI)
