ITI surges 11%

The stock jumped 11 per cent to Rs 50.65, after the government approved a proposal under which the telecom equipment manufacturer will continue to get orders for 30 per cent of the product requirement of BSNL and MTNL.

The Cabinet Committee on Economic Affairs (CCEA) has decided to continue with the 30 per cent reservation quota for the products manufactured by ITI to meet the requirements of BSNL and MTNL.

Moreover, the two government-controlled companies will also give 70 per cent advance against orders placed. The earlier reservation benefit had expired on September 20, 2009.