ITI rallies on revival hopes

Department of Telecommunications has prepared a revival plan of Rs 4,156.79 crore for the state-owned telecom equipment company

ITI Limited has rallied 16% to Rs 26 on back of heavy volumes on reports that Department of Telecommunications (DoT) has prepared a revival plan of Rs 4,156.79 crore for the state-owned telecom equipment company.

"The revival plan includes salary/establishment cost during revival plan period and 39 months arrears pertaining to above pay revision, which is yet to be approved by Board for Reconstruction of Public Sector Enterprise and Cabinet,” the report suggests.

The stock opened at Rs 24.20 and touché high of Rs 26.50 on the Bombay Stock Exchange. As many as a combined 1.4 million shares have already changed hands on the counter so far against an average around 300,000 shares that were traded daily in past two weeks.