ITI Ltd’s share price saw a significant surge in the week of November 4-8, 2024, climbing by 33.25%, with a notable 19% intraday jump on November 8. The stock reached an intraday high of ₹317.50 on BSE before closing at ₹303.60, up 13.86%, giving the company a market capitalization of ₹29,172.53 crore. The impressive rally came on the back of a major development: ITI Ltd secured a substantial order for the BharatNet Phase-3 Project.
The company emerged as the lowest bidder (L1) for two packages of the BharatNet Phase-3 initiative in Himachal Pradesh (Package No. 8) and West Bengal & Andaman & Nicobar Islands (Package No. 9), valued at ₹3,022 crore. This win, achieved in collaboration with its consortium partner, is part of a larger government effort to provide high-speed broadband to rural India under the BharatNet project. The project aims to connect over 640,000 villages, Gram Panchayats, and blocks across the country with 100Mbps bandwidth, bridging the digital divide and ensuring equitable access to online services, especially in rural areas.
This recent order adds to ITI’s existing track record, as the company is already executing works for BharatNet in states like Tamil Nadu, Maharashtra, and Gujarat. ITI’s extensive experience in executing Optical Fiber Network (OFN) works for BharatNet further strengthens its position in the telecom sector. Additionally, ITI Ltd recently secured a ₹300 crore order from the Bihar Renewable Energy Development Authority (BREDA) for supplying and installing 1,00,000 solar street light systems in Bihar.
Looking ahead, ITI’s stock could remain in the spotlight with the announcement of its Q2 FY25 financial results, scheduled for November 14, 2024. The company’s consistent performance in government projects and its involvement in key infrastructure initiatives are expected to maintain investor interest.
Disclaimer: The information provided in this blog is for informational purposes only and does not constitute financial or investment advice. Readers are encouraged to conduct their own research and consult with a professional advisor before making any investment decisions. The author and website are not responsible for any financial decisions made based on this content.
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