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Last Updated : Sep 11, 2020 08:40 PM IST | Source: Moneycontrol.com

ITI shares rally 5% on signing contract for ASCON phase IV project

The value of the bid is approximately Rs 7,796 crore

 
 
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Share price of state-owned telecom equipment maker ITI gained 4.7 percent intraday on September 11 after the company bagged ASCON phase IV project from Army.

ITI was declared as LI bidder in the 'ASCON Phase IV Project' in the year 2017.

ASCON is the army's telecom network backbone implemented in phases along the borders.

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ASCON working group, Integrated HQ of MoD (Army), has communicated to the company on September 10 that necessary approval for the project has been obtained and the contract is expected to be signed very shortly.

"The value of the bid is approximately Rs 7,796 crore, said ITI in its BSE filing on September 10.

The project includes civil works for providing the complete infrastructure required at various sites and optical fibre network, the company had said in a release in September 2017.

It also includes the supply, installation, commissioning and maintenance of telecom equipment like IP/MPLS Routers, Microwave Radio, Satellite Terminals, NMS, Mobile Nodes and Test Equipment, it said.

The stock was trading at Rs 136.95, up 1.71 percent on the BSE at 11:12 hours IST.
First Published on Sep 11, 2020 11:35 am
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