ITI emerges as the lowest bidder for MAHANET tender

The share price of ITI gained by 4.5 per cent in intraday on Thursday as it managed to emerge as the lowest bidder in the MAHANET tender of Maharashtra. They are expected to keep the project under their banner.

The company has been declared under L1 in the MAHANET tender of Maharashtra state for connecting Gram panchayats to Blocks level through fibres under the banner of Bharat Net Phase II Project. The total aggregate value of the project is worth Rs. 3200 crore.  

On Thursday, ITI ended at Rs. 127.25 per share, up by Rs. 1.55 or 1.23 per cent against the previous close of Rs. 125.7 per share on BSE. Currently, it is trading at 22.83 per cent below the 52-week high price and 46.37 per cent above its 52-week low price.

The stock had touched its 52-week high of Rs. 164.9 per share on October 26, 2017 and its 52-week low of Rs. 68.65 per share on April 6, 2017 on BSE, respectively.