ITI Shares Jump 7% After Securing Advance Purchase Order From BSNL
The project entails planning, engineering, supply, installation, commissioning of the 4G network at 23,633 sites.
(Source: BSNL website)
Shares of ITI Ltd. rose the most in two weeks on Tuesday after the company bagged a Rs 3,889 crore advance purchase order from Bharat Sanchar Nigam Ltd. Bengaluru for 4G rollout.
The project entails planning, engineering, supply, installation, commissioning, and advanced mezzanine cards for the 4G network at 23,633 sites in the west zone of the BSNL network for nine years, according to its filing. ITI will manufacture the radio access network, with a supply period of 18–24 months.
Shares of ITI Ltd. rose as much as 7.21% intraday before paring gains and trading 4.38% higher at 10:55 a.m. compared to a 0.47% rise in the NSE Nifty 50.
Total traded volume stood at 4.8 times its 30-day average. The relative strength index was at 71, implying that the stock may be overbought.