President of India-Backed Telecom Company Wins Aaple Sarkar Seva Kendra Order worth Rs 167 Crore in Maharashtra
The stock is up by 74 per cent from its 52-week low of Rs 210.20 per share.
ITI Limited, Bengaluru, India's first public sector undertaking (PSU) post-independence and a leading telecom manufacturing company, has secured a significant contract from the Rural Development Department, Government of Maharashtra. The contract involves the establishment, operation, and maintenance of Aaple Sarkar Seva Kendra (ASSK) in Gram Panchayats (ASSK-GP) across the Chatrapathi Sambhaji Nagar, Nagpur, and Amaravati regions of Maharashtra.
The project, valued at approximately Rs. 167 Crores, encompasses the deployment of technical manpower at the ASSK-GP locations and associated project management expenses. This contract signifies ITI Limited's expansion into new service domains and its commitment to supporting government initiatives for rural development.
Earlier, contracts worth Rs 64 crore for Wi-Fi & LAN infrastructure and integrated security systems demonstrate this diversification. Key projects include a Rs 35 crore Wi-Fi and LAN network for Sambalpur University in Odisha and a Rs 29.14 crore integrated security system for six major Mumbai railway stations. These projects showcase ITI Limited's ability to adapt and thrive in evolving markets.
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ITI Ltd, a telecommunications company owned by the Indian government, manufactures and sells telecom equipment (including telephones and energy meters), offers services like manufacturing for other companies and equipment testing, and also tackles large-scale projects for internet access, defence communication and more.
The company has a market cap of over Rs 35,000 crore. As of September 2024, the promoters (President of India & Government of Karnataka) own a 90 per cent stake, FIIs own 0.06 per cent, DIIs own 0.04 per cent, Government own 7.90 per cent and the public owns a 2 per cent stake. The stock is up by 74 per cent from its 52-week low of Rs 210.20 per share. Investors should keep an eye on this mid-cap telecom stock.
Disclaimer: The article is for informational purposes only and not investment advice.