ITI hits 52-week high; company lowest bidder for contract worth Rs 7,000 cr

The stock soared 19% to Rs 121, also its 52-week high on BSE on back of heavy volumes.

ITI has soared 19% to Rs 121, also its 52-week high on BSE, after the company announced that the company has been declared as the lowest (L1) bidder for the contract value of Rs 7,000 crore.

“The company has been declared as L1 in the “ASCON Phase IV Project” by Ministry of Defence. The contract value of the project is approximately Rs 7,000 crore,” ITI said in a BSE filing.

The trading volumes on the counter jumped more than five-fold. A combined 11.93 million shares have changed hands on NSE and BSE till 01:44 PM.