Telecom PSU shares to remain in focus, here to know why

The share price of ITI reached a 10-month high of Rs 335 after a 10 percent rally on the BSE during Monday's intraday trading, accompanied by heavy trading volumes. This surge in ITI's stock followed the company's announcement that it had emerged as the lowest bidder (L1) for three packages of the BharatNet Phase-3 project, valued at a total of Rs 4,559 crore.

The stock price of the state-owned telecom equipment company has reached its highest level since January 2024, having previously peaked at Rs 384.35 on January 17, 2024. ITI's stock has been on an upward trend for five consecutive days, soaring 51 percent during the week.

In contrast, the BSE Sensex increased by less than 1 percent during the same period. As of the end of the September 2024 quarter, the Government of India held a 90 percent stake in ITI.

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At 09:58 AM, the ITI share price was 9 percent higher at Rs 331.65, compared to the benchmark index's 0.10 percent rise. Average trading volume on the counter jumped nearly twofold today, with 29 million equity shares changing hands on the NSE and BSE.

ITI Limited was announced as the lowest bidder (L1) on November 7, 2024, for Package No. 8 in Himachal Pradesh, Package No. 9 in West Bengal, and the Andaman and Nicobar Islands, with an order value of Rs 3,022 crore.

With this achievement, ITI has secured the L1 position for three packages (8, 9, and 15), bringing the total order value to Rs 4,559 crore.

Also, ITI informed the stock exchanges that, along with its consortium partner, it has emerged as the lowest bidder for Package No. 15 of the BharatNet Phase-3 project, which covers Arunachal Pradesh, Nagaland, and Manipur, with an order value of Rs 1,537 crore.

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