ITI Ltd Share Price: This PSU telecom stock rallied as much as 19% despite the broader market being dull on November 8, 2024. ITI stock price touched an intraday high of Rs 317.50 apiece on BSE. Notably, ITI stock has recorded a strong bullish week, with stock price surging by more than 33% in 5 sessions. The bullish trend in the PSU comes after the company bagged hefty order for BharatNet project.
ITI Share Price:
The government-backed telecom player was among top performing stocks on exchanges on November 8, 2024. During the trading hours, the stock zoomed by 19.06% to hit an intraday high of Rs 317.50 apiece on BSE.
However, after market hours, the stock closed at Rs 303.60 apiece, gaining by 13.86% on BSE with m-cap at Rs 29,172.53 crore.
The stock is couple of rupees away from its 52-week high of Rs 384.35 apiece. Not just that during the trading week from November 4-8, the stock zoomed by a whopping 33.25%, with majority gains coming from November 7th and 8th.
The reason is big order.
ITI Ltd Big Order:
As per the regulatory filing on November 7th, the company announced that it emerged as L1 in BharatNet Phase-3 Project in the states of Himachal Pradesh for Package No. 8, and in West Bengal, and Andaman & Nicobar Islands for Package No. 9 with total order value of Rs. 3022 Crore.
The order is won with its consortium partner.
It added, ITI Limited-led Consortium has succeeded in these two packages out of 11 packages for which tender was opened till now out of a total of 16 packages covering the length and breadth of the country.
The deal comes after PSU telecom giant BSNL invited tenders for Design, Supply, Construction, Installation, Upgradation, Operation and Maintenance of Middle Mile Network of BharatNet in the 16 Packages/Circles. BharatNet Phase-3 Project is envisaged for the Development (Creation, Upgradation and Operation & Maintenance) of Middle Mile Network of BharatNet on Design Build Operate and Maintain (DBOM) Model.
BharatNet project is funded by the Universal Service Obligation Fund (USOF) under the Department of Telecommunications (DoT). The project aims to bridge the 'digital divide' by delivering high-speed broadband connectivity with bandwidth of 100Mbps to all Gram Panchayats (GPs) and villages in India ensuring equitable access to online services for all, especially those in rural areas. The project encompasses connecting all 640,000 Villages, Blocks, and Gram Panchayats across India with high-speed broadband internet connectivity, as per the statement.
ITI Q2 Results:
Going ahead, the company will be in focus for its upcoming Q2 results for FY25.
The company's board is scheduled to meet on Thursday, 14th November 2024 to consider and approve Unaudited Financial Result (Standalone and Consolidated) for the Quarter and Half-Year Ended September 30, 2024.
It needs to be noted that ITI has vast experience in executing OFN work around India for BharatNet, and is already successfully executing OFN works worth around Rs. 5400 Crores in the states of Tamil Nadu, Maharashtra, and Gujarat. ITI Limited is the Project Implementation Agency (PIA) for MahaNet-I (BharatNet Phase II) in Maharashtra.
Recently, ITI Limited won an order from Bihar Renewable Energy Development Authority (BREDA) for supply and installation of 1,00,000 numbers of Solar Street Light Systems to Bihar State Government worth Rs. 300 Crores, as per the filing.
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