President of India-backed multibagger telecom equipment company bags its first EVM order from West Bengal State Election Commission (SEC)
The stock gave multibagger returns of over 150 per cent from its 52-week low of Rs 118.80 per share.
ITI Limited, the country’s first PSU post-independence and a premier telecom manufacturing company has bagged its first Electronic Voting Machine (EVM) order from the State Election Commission (SEC) of West Bengal for the supply of 500 sets of Electronic Voting Machines after the successful demonstration to the SEC at Kolkata.
The indigenous Multi Post EVM was designed and developed by ITI Limited as per the specifications finalized by the SEC/Technical Evaluation Committee and was approved by a standing committee of State Election Commissioners. This Multi Post EVMs can be used for conducting the local body elections at Gram Panchayats, Municipalities, Corporations, or at any institutions where democratic elections are needed. This EVM machine can also be used as a Single Post machine for meeting the requirements of Lok Sabha/Assembly elections.
The product will be manufactured at ITI Limited’s factories complying with the technical specifications of the Election Commission, and will be delivered on a fast-track basis adhering to the quality norms and as per the commitments given to West Bengal SEC.
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About ITI Ltd
On Friday, shares of ITI Ltd gained 1.55 per cent to Rs 304.40 per share compared to the previous closing of Rs 299.75. The intraday high was Rs 314.10 while the intraday low was Rs 302.15.
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 29,000 crore. As of March 2024, the promoters (President of India & Government of Karnataka) own a 90 per cent stake, FIIs own a 0.06 per cent stake, DIIs own a 0.03 per cent stake, the Government owns a 7.9 per cent stake and the public owns a 2.01 per cent stake. The stock gave multibagger returns of over 150 per cent from its 52-week low of Rs 118.80 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.
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