ITI rallies on installation of 100 KW capacity solar rooftop in Uttar Pradesh

ITI advanced 2.99% to Rs 111.90 after the company installed a 100 KW (kilo-watt) capacity captive rooftop solar power plant in Lucknow, Uttar Pradesh on 16 November 2021.

The installed rooftop solar power plant has been set up using solar panels which have been manufactured at ITI's state-of-the-art solar panel manufacturing facility at Naini (Prayagraj), Uttar Pradesh. The announcement was made during market hours today, 30 November 2021.

Solar power plants with capacities ranging from 300 KW (kilo-watt) to 1.5 MW (mega-watt) will also be installed at multiple locations of ITI like Naini, Rae Bareli (Uttar Pradesh), Mankapur (Gonda), Pallakad (Kerala) and Bengaluru (Karnataka), to be commissioned within this fiscal, the company stated in its exchange filing.

On a consolidated basis, ITI's net loss stood at Rs 55.78 crore in Q2 FY22 as compared to a net loss of Rs 56.05 crore in Q2 FY21. Net sales stood at Rs 352.49 crore in Q2 September 2021, registering a 18.8% drop from Rs 433.97 crore in Q2 September 2020.

ITI, a multi-unit central public sector undertaking, is a total solution provider in telecommunications segment. It offers complete range of telecom products covering the whole spectrum of switching, transmission, access and subscriber premises equipment.

As of 30 September 2021, the Government of India held 90.06% stake while the Governer of Karnataka held a minor 0.03% stake in the company.

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