ITI Shares Soar Almost 14% On NSE As Consortium Wins Project Worth ₹3,022 Crore

The shares of ITI ltd soars almost 14 per cent on the NSE (national Stock Exchange), after consortium led by company won the bidding for BharatNet project worth Rs 3,022 crore for middle mile network.

The shares of ITI ltd. zoomed to day high level of Rs 303.00 per share on the NSE (national Stock Market), after ringing the opening bell at Rs 273.95 per share on the Indian stock exchanges.

The stock was trading at Rs 297.96 per share on the NSE (national stock exchange), with surge of 11.81 per cent amounting to Rs 31.47 per share on the indian bourses.

'The consortium, which includes ITI as a partner with a leading telecom manufacturing company, has emerged as the lowest bidder for a project in the states of Himachal Pradesh for Package no. 8 and West Bengal and Andaman & Nicobar Islands for Package no. 9,' ITI said in an exchange filing on Thursday.

ITI led consortium won bidding for 2 packages

Out of a total of 16 packages spanning the entire nation, the ITI-led consortium has been the lowest bidder for two of the 11 packages for which tenders have opened thus far.

These 16 packages cover the design, supply, construction, installation, upgrade, operation, and maintenance of the middle mile network.

BharatNet Project

The Department of Telecommunications' (DoT) Universal Service Obligation Fund (USOF) provides funding for the BharatNet project. By providing all Gram Panchayats (GPs) and villages in India with high-speed broadband connectivity with a bandwidth of 100 Mbps, the project seeks to close the 'digital divide' and guarantee that everyone, particularly those living in rural areas, has fair access to online services.

There is currently very little free floating shares in the market because the government owning 90 per cent of ITI.ltd.