- ITI Ltd shares rose 6.3% after securing Rs 856.39 crore BSNL order for 4G expansion
- The order involves 7,613 sites in BSNL’s western zone on a turnkey basis
- Stock hit an intraday high of Rs 302.40, breaking a two-day losing streak
ITI Ltd. shares rose as much as 6.3% on Thursday after the company said it had secured a Rs 856.39 crore order from Bharat Sanchar Nigam Ltd. for the expansion of its 4G mobile network in western India.
The stock climbed to an intraday high of Rs 302.40, snapping a two-day losing streak. It was up 2.2% over the past five trading sessions, though it remained down 3% over the last 30 days.
Trading activity picked up sharply, with volumes running at more than three times the 20-day average for this time of day, according to Bloomberg data.
BSNL Order Drives Buying
ITI said the order, valued at Rs 856.39 crore, covers the planning, engineering, supply, installation, testing and commissioning of a 4G mobile network at 7,613 sites in BSNL's West Zone on a turnkey basis. The company disclosed the development in an exchange filing on Thursday.
The contract follows the completion of an earlier Phase IX.2 project executed by ITI and Tata Consultancy Services as consortium partners for BSNL in the western region.
"It is a very proud moment for ITI Limited as our prestigious client BSNL continues to repose great trust in ITI Limited's execution capability by awarding work order to us," Chairman and Managing Director Rajesh Rai said in the company's press release.
"ITI Limited has steadfastly been executing and has proved to be an able ally in the country's Atmanirbhar telecom initiatives," he added.
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