Government-backed metal stock surge 13% as consortium bags Bharat-Net Project

The Shares of ITI Ltd. are trading with gains of as much as 13% on Friday, November 8, after the company-led consortium emerged as the Lowest (L1) bidder for a BharatNet project worth Rs 3,022 crore for middle mile network. The project encompasses connecting all 640,000 villages, blocks, and Gram panchayats across India with high-speed broadband internet connectivity. 

As per the exchange filing made, ITI said that the consortium, in which ITI is a partner with a premier telecom manufacturing company, has emerged as the lowest bidder for a project in the states of Himachal Pradesh for Package No. 8, West Bengal, and Andaman & Nicobar Islands for Package NO. 9.

Read Also : Karur Vysya Bank reaches new milestone, inaugurates 850th branch

The ITI-led consortium has emerged as the lowest bidder for two out of the 11 packages for which tenders have opened to date out of a total of 16 packages covering the length and breadth of the country. The scope of the order involves the design, supply, construction, installation, upgradation, operation & maintenance of the Middle Mile Network in these 16 packages.

BharatNet project is funded by the Universal Service Obligation Fund (USOF) under the Department of Telecommunications (DoT). The project aims to bridge the 'digital divide' by delivering high-speed broadband connectivity with a bandwidth of 100 Mbps to all Gram Panchayats (GPs) and villages in India ensuring equitable access to online services for all, especially those in rural areas.

Shares of ITI are up for the fourth day in a row, currently trading 12.5% higher at Rs 299.7. The stock has gained 35% in the last four trading sessions.

Read Also : Public Sector Banks show strong performance in First Half of FY 2024-25