ITI surged 10.23% to Rs 134.70 at 09:35 IST on BSE, with the stock extending yesterday's rally after the company was declared as lowest bidder for a large project worth approximately Rs 7000 crore.
Meanwhile, the S&P BSE Sensex was down 235.34 points or 0.73% at 32,134.70. The S&P BSE Mid-Cap index was down 154.88 points or 0.97% at 15,889.33.
On BSE, so far 14.21 lakh shares were traded in the counter as against average daily volume of 3.23 lakh shares in the past one quarter. The stock hit a high of Rs 139.75 in intraday trade so far, which is 52-week high for the counter. The stock hit a low of Rs 126 so far during the day. The stock had hit a 52-week low of Rs 26.20 on 30 September 2016.
The mid-cap company has equity capital of Rs 560 crore. Face value per share is Rs 10.
Shares of ITI had jumped 19.98% to settle at Rs 122.20 yesterday, 21 September 2017 after the company said that it has been declared as lowest bidder in the Rs 7000 crore Phase IV tender of Army (Army Static Switched Communication Network - ASCON) for deploying and maintaining its strategic communication network across the country. The announcement was made after market hours on 20 September 2017.
The project includes civil works for the infrastructure and optical fiber network, supply, installation, commissioning and maintenance of equipment such as internet protocol, multiprotocol label switching routers, microwave radio, satellite terminals, network management system, mobile nodes and testing tools. The announcement was made after market hours yesterday, 21 September 2017.
ITI Chairman and Managing Director S. Gopu said that the project will provide telecom solution and infrastructure with a two-year warranty and maintenance support of the network for eight years.
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ITI reported 94.65% slide in net profit to Rs 0.37 crore on 37.27% slide in total income to Rs 258.44 crore in Q1 June 2017 over Q1 June 2016.
ITI offers a complete range of telecom products and total solutions covering the whole spectrum of switching, transmission, access and subscriber premises equipment.
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