Country’s First PSU Post-Independence & Premier Telecom Manufacturing Company Bags Contract worth Rs 95 Crore From Government of Uttarakhand

The stock is up by 47 per cent from its 52-week low of Rs 210.20 per share.

ITI Limited, country’s first PSU post-independence and premier telecom manufacturing company has received a contract worth around Rs 95 Crore from Directorate of Geology & Mining, Government of Uttarakhand for Mining Digital Transformation & Surveillance System (MDTSS) project. The Uttarakhand Government envisaged this project for effective prevention of illegal mining and mineral transportation and to increase its revenue in the state.

As part of this contract, ITI Limited will be the work agency for development, implementation and maintenance of Mining Digital Transformation & Surveillance System (MDTSS) in the districts of Dehradun, Haridwar, Udham Singh Nagar, and Nainital. Accordingly, an MoU of Rs 95 crore for five years has was signed between ITI Limited and Government of Uttarakhand. The systems will be installed at 40 check gates across Dehradun, Haridwar, Nainital, and Udham Singh Nagar. Dehradun will have 8 check gates, Haridwar 13, Nainital 10 and Udham Singh Nagar 9.

The new system equipped with bullet cameras, RFID radars, and LED floodlights will not only help monitor illegal mining activities but also boost the state government’s revenue. Besides, a Mining State Control Centre (MSCC) will be set up in Dehradun, along with mini command centres at district headquarters in Dehradun, Haridwar, Nainital, and Udham Singh Nagar.

Recently, ITI Limited with its consortium partner has emerged as the Lowest Bidder (L1) for Package Nos. 8, 9, and 15 of BharatNet Phase-3 Project comprising Arunachal Pradesh, Nagaland, Manipur, Himachal Pradesh, West Bengal, and Andaman & Nicobar Islands with a total order value of Rs 4,559 crore.

About ITI Ltd

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 27,000 crore. As of September 2024, the promoters (President of India & Government of Karnataka) own a 90 per cent stake and the public owns a 26.59 per cent stake. The stock is up by 47 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.