Multibagger Telecom Stock Hit Lower Circuit: Company Forays into New Domains - Bags Contracts Worth Rs 64 Crore for Wi-Fi & LAN and Integrated Security System (CCTV)
The stock gave multibagger returns of over 100 per cent from its 52-week low of Rs 210.20 per share.
On Monday, one of the Top Losers on BSE, shares of ITI Ltd hit a 5 per cent lower circuit to Rs 421.30 per share compared to the previous closing of Rs 443.45 per share.
ITI Limited, a pioneering force in India's telecommunications sector, is demonstrating its adaptability by venturing into new domains. The company has recently secured significant contracts, totalling Rs 64 crore, for the deployment of Wi-Fi & LAN infrastructure and integrated security systems. This strategic move signifies ITI Limited's commitment to diversifying its portfolio and capitalizing on emerging market opportunities.
One of these notable contracts involves the establishment of a comprehensive Wi-Fi and LAN network across Sambalpur University in Odisha. This Rs 35 crore project will encompass 80 locations within the university campus, ensuring seamless internet and intranet access for students, faculty, and staff. ITI Limited will be responsible for the supply, installation, and commissioning of the network, along with providing three years of maintenance support. The solution will incorporate robust security features, including secure wireless controllers with authentication mechanisms to restrict unauthorized access.
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In another significant development, ITI Limited has been awarded a Rs 29.14 crore contract from Central Railways to implement an integrated security system at six major railway stations in Mumbai. This project will involve the installation of an IP-based video surveillance system, encompassing over 1400 cameras, across Chhatrapati Shivaji Maharaj Terminus, Dadar, Kurla, Lokmanya Tilak Terminus, Thane, and Kalyan. The system will enhance passenger safety and security within these vital transportation hubs. ITI Limited will be responsible for the entire project lifecycle, including supply, installation, testing, and commissioning, as well as providing five years of comprehensive after-sales maintenance.
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 40,000 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 gave multibagger returns of over 100 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.