Multibagger Telecom PSU Under Rs 300 Bags Rs 300 Cr Order, Shares Jump 7%

Public sector undertaking from the Department of Telecommunication, Ministry of Communications, ITI Ltd shares gained nearly 7% today after it bagged an order worth Rs 300 crore from Bihar Renewable Energy Development Authority (BREDA). Current market price of ITI Ltd shares on BSE is Rs 297.40 per share. ITI shares offered eye-catching returns of 140% in last 1-year and slipped 2.62% year-to-date. The company's market capitalisation stood at Rs 28,576.78 crore. Check details below:

ITI Ltd Bags Order From BREDA: As per the regulatory filing of ITI dated September 10, "ITI Limited, country's first PSU post-independence and premier telecom manufacturing company has received an Order worth around Rs. 300 Crores from Bihar Renewable Energy Development Authority (BREDA) for supply and installation of 1,00,000 numbers of Solar Street Light Systems to Bihar State Government. This is in addition to 80,000 solar street light systems the Company is currently executing in Bihar for BREDA."

ITI Limited's Naini Plant which has been manufacturing solar panels for the last six years has received an order for Supply & Installation of 1,00,000 numbers of Solar Street light Systems amounting to around Rs. 300 Cr under "Mukhyamantri Gramin Solar Street Light Yojana". The districts covered in this Order are Gopalgunj, Siwan, Samastipur, Purnia, Araria, Gaya, Darbhanga, Patna, Katihar, and Khagaria, added the BSE filing.

Speaking on the partnership, Mr. Rajesh Rai, Chairman and Managing Director, ITI Limited, said, "ITI Limited is extremely delighted to partner with Government of Bihar's BREDA again to provide street lights with sustainable solar energy. It gives me immense satisfaction that the Bihar Government has come back to ITI by reposing faith in our ability for their developmental initiative."

Recently, ITI Limited won its first Electronic Voting Machine (EVM) Order from the State Election Commission (SEC) of West Bengal for the supply of Electronic Voting Machines after the successful demonstration to the SEC at Kolkata.

ITI Stock Performance & Return: The 52-week high price of ITI shares on BSE is Rs 384.35 apiece (as on 17/01/2024) and 52-week low price is Rs 124.50 per share (as on 11/09/2023) , respectively. ITI shares rose jumped 6% in last 6-months, rose 140% in last 1-year, and offered return of 163% in last 2-years. In last 5-years, ITI stock zoomed 310%.

About: ITI Limited is a public sector undertaking in the telecommunications technology segment established as a departmental factory in 1948. The company has a diverse suite of products including manufactured products like Gigabit Passive Optical Network (GPON), Managed Leased Line Network (MLLN) products, Stand Alone Signaling Transfer Point(SSTP), Wi-Fi Access Point, Radio Modem, SMPS, Set Top Box, Defence products like multi-capacity encryption units, Bulk encryption Units (BEU), Terminal End Secrecy Devices (TESD), Passive infrastructure products such as Optical Fiber Cable, HDPE duct, Antenna, diversified products such as smart energy meters, smart cards, solar panels, mini personal computers.

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