ITI gallops after large work order

ITI jumped 19.7% to Rs 111.35 at 14:59 IST on BSE after the company received an advance work order from BSNL for the operation and maintenance and sales and marketing of the passive infrastructure.

The announcement was made during market hours today, 30 August 2018.

Meanwhile, the S&P BSE Sensex was down 75.13 points or 0.19% at 38,647.80

The stock rose on high volume. On BSE, so far 22.94 lakh shares were traded in the counter as against the average daily volumes of 1.35 lakh shares in the past two weeks. The stock hit a high of Rs 111.75 and a low of Rs 100.60 so far during the day. The stock had hit a 52-week low of Rs 72 on 5 June 2018. The stock had hit a 52-week high of Rs 164.90 on 26 October 2017.

The mid-cap company has equity capital of Rs 660 crore. Face value per share is Rs 10.

ITI has received an advance work order (AWO) from BSNL for the operation and maintenance and sales and marketing of the passive infrastructure of 6945 BTS sites of BSNL's GSM network in UP East, UP West, Uttarkhand and Tamilnadu Circles. The AWO value (at provisional rates) is Rs 6633.56 crore inclusive of taxes. The order is for a period of 10 years.

ITI's consolidated net profit jumped 627.03% to Rs 2.69 crore on 7.54% rise in net sales to Rs 188.61 crore in Q1 June 2018 over Q1 June 2017.

ITI offers a complete range of telecom products and total solutions covering the whole spectrum of switching, transmission, access and subscriber premises equipment.

Powered by Capital Market - Live News