ITI surges 20% on work order win of Rs 66.34 billion from BSNL

The stock rallied 20% to Rs 112 on the BSE on back of heavy volumes.

Shares of ITI surges 20% to Rs 112 on the BSE after the company said it has received an advance work order (AWO) worth of Rs 66.34 billon from BSNL.

“ITI has received an advance work order (AWO) from BSNL for the operation and maintenance and sales & marketing of the passive infrastructure of 6945 BTS sites of BSNL's GSM network in UP East, UP West, Uttarkhand and Tamilnadu Circles,” the company said in a statement.

The AWO value (at provisional rates) is Rs 66.34 billion inclusive of taxes. The order is for a period of 10 years, it added.

Earlier on Tuesday, ITI said it bagged Rs 26.58 billion MahaNet order for implementation of BharatNet Phase II.

“The company received Letter of Intent (LoI) for the selection as the project implementation agency (PIA) for MahaNet-I (BharatNet Phase II) in Maharashtra for two packages, A and C, issued by Maharashtra Information Technology Corporation Ltd,” ITI said in a press release.

As per the order ITI will be covering 18 districts, 110 talukas and 8695 Gram Panchayats (GPs). The works includes laying of optical fibre cable (OFC underground and aerial) including site survey, planning, procurement, design, implementation network at talukas and GPs as well as operations and maintenance of the network.

At 02:43 pm; ITI was trading 19% higher at Rs 111 on the BSE, as compared to 0.24% decline in the S&P BSE Sensex. The trading volumes on the counter jumped more than 20-times with a combined 13.71 million equity shares changed hands on the NSE and BSE so far.