 "ITI rises 4% on bagging Rs 95 crore order from Uttarakhand govt; Details")
ITI shares advanced 3.5 per cent in Tuesday's trade and logged an intraday high at Rs 301.60 per share on BSE. The buying interest sparked after the company bagged a Rs 95 crore order in Uttarakhand.
However, around 9:48 AM, ITI's share price pared gains and was up 0.26 per cent at Rs 292 per share on BSE. In comparison, the BSE Sensex was up 0.92 per cent at 78,051.77. The market capitalisation of the company stood at Rs 28,514.32 crore. The 52-week high of the stock was at Rs 384.35 per share on BSE and the 52-week low of the company stood at Rs 210.2 per share.
"ITI Limited, the country’s first PSU post-independence and premier telecom manufacturing company has received a contract worth around Rs 95 crore from the directorate of geology and mining, Government of Uttarakhand," the filing read.
The order is for the mining digital transformation and surveillance system (MDTSS) project. The government aims to prevent illegal mining and mineral transportation and increase its revenue in the state through the project.
As part of this contract, ITI Limited will be the work agency for the development, implementation, and maintenance of the MDTSS in the districts of Dehradun, Haridwar, Udham Singh Nagar, and Nainital.
As per the filing, a memorandum of understanding (MoU) for five years was signed between ITI and the Government of Uttarakhand. The systems will be installed at 40 check gates across Dehradun, Haridwar, Nainital, and Udham Singh Nagar. Dehradun will have 8 check gates, Haridwar 13, Nainital 10, and Udham Singh Nagar 9.
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The new system equipped with bullet cameras, RFID radars, and LED floodlights will not only help monitor illegal mining activities but also boost the state government’s revenue.
RFID is a technology used to automatically identify and track objects using electromagnetic fields to transfer data.
ITI Limited is a state-owned telecommunications equipment manufacturing company in India. Founded in 1948, ITI Limited is one of the oldest public sector enterprises in the country and is a pioneer in the telecommunications sector. It is headquartered in Bangalore (Bengaluru), Karnataka, and operates as a major player in the manufacturing and supply of telecommunications equipment and systems.
In the past one year, ITI shares have gained 4.5 per cent against Sensex's rise of 17.5 per cent.