ITI Shares Zoom 11% After Winning ₹4,559 Cr BSNL Project

ITI LTD, the telecom equipment manufacturer's shares jumped surged 11% in early trade on Monday morning.

What Happened: The company along with its consortium partner emerged as the lowest bidder for a package of BharatNet Phase 3 project, comprising Arunachal Pradesh, Nagaland and Manipur worth ₹1,537 crore. 

The PSU company also became the L1 for a package in Himachal Pradesh and another in West Bengal and Andaman and Nicobar Islands with an order value of ₹3,022 crore.

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The BharatNet phase 3 project is divided into 16 packages across all states and union territories. BSNL had invited tenders for work related to the Middle Mile Network of BharatNet Phase-3 Project on a design, build, operate and maintain (DBOM) model.

The company's board will meet on November 14 to consider and approve the financial results for the September quarter. 

In the June quarter, the company posted a net loss of ₹91.31 crore and revenue of ₹519.98 crore. 

Price Action: Shares of ITI rose 11.38% to ₹338.86  on Monday's trading session. 

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