ITI has surged 11% to Rs 16.60 on back of heavy volumes on the bourses after the government approved Rs 4,157 crore plan for revival of the state-owned company.
The Cabinet Committee on Economic Affairs (CCEA), headed by Prime Minister Manmohan Singh, approved the revival plan of ailing ITI Limited based on the recommendations of the Board for Reconstruction of Public Sector Enterprise (BRPSE), which is expected to be implemented over a period of 18 months, the PTI report suggests.
The company engaged in the business of manufacture and sale of telecommunication equipments have reported a net loss of Rs 321 crore for the first nine months (April-December) of the current financial year 2013-14.
The stock opened at Rs 16.25 and hit a high of Rs 17.40 on the BSE. A combined 865,000 shares have already changed hands on the counter till 0945 hours, as against an average sub 200,000 shares that were traded daily in past two weeks on the BSE and NSE.
The Cabinet Committee on Economic Affairs (CCEA), headed by Prime Minister Manmohan Singh, approved the revival plan of ailing ITI Limited based on the recommendations of the Board for Reconstruction of Public Sector Enterprise (BRPSE), which is expected to be implemented over a period of 18 months, the PTI report suggests.
The company engaged in the business of manufacture and sale of telecommunication equipments have reported a net loss of Rs 321 crore for the first nine months (April-December) of the current financial year 2013-14.
The stock opened at Rs 16.25 and hit a high of Rs 17.40 on the BSE. A combined 865,000 shares have already changed hands on the counter till 0945 hours, as against an average sub 200,000 shares that were traded daily in past two weeks on the BSE and NSE.
