ITI Limited spikes 10 per cent on BharatNet contract

ITI Limited, a multi-unit CPSE in the telecom space, spiked around 10 per cent on Monday as it entered into a contract with Gujarat Fiber Grid Network Limited (GFGNL) for executing BharatNet Phase II project in Gujarat.

The central public sector undertaking (CPSE) company's total order amounting to Rs. 1,011.41 crore contributed towards capex which would be completed in one year and Rs. 190.04 crore will be attributed to maintenance.

BharatNet is a government project aimed at providing high-speed broadband connectivity to all the 250,000 gram panchayats in the country in an effort to provide last mile internet connectivity.

On Monday, the stock of ITI Limited jumped nearly by 10 per cent and made an intraday high of Rs. 114.80 on the BSE. At 10:41 hours, the stock was trading nearly at Rs. 112 on the BSE. The company had hit its 52-week high of Rs. 137.90 on April 12, 2018 and its 52-week low of Rs. 69.40 on October 9, 2018 on the BSE.