Moneycontrol
Last Updated : Nov 21, 2018 01:03 PM IST | Source: Moneycontrol.com

ITI stock gains 6% after co lists reasons for rising share volume

ITI has filed draft red herring prospectus (DRHP) with SEBI in September 2018 as part of its follow on public offer (FPO) for offering 18 crore shares to public.

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ITI stock climbed 6 percent intraday Wednesday after the company listed out reasons for rising share volume recently. It rallied 22 percent in last one month.

The state-run telecom equipment maker said with reference to the specific observations regarding increase in the volume of trading of ITI shares across exchanges, it opined that the following events/happenings in the company could be the reasons:

1> ITI has filed draft red herring prospectus (DRHP) with SEBI in September 2018 as part of its follow on public offer (FPO) for offering 18 crore shares to public.

2> The company has won many government tenders in the last one year, like, Indian Army's ASCON project valued approximately Rs 7,000 crore, BharatNet project in Maharashtra state valued approximately Rs 2,658 crore, and WiFi project (Rajnet) of Rajasthan state valued approximately Rs 330 crore, and advance work order (AWO) from BSNL for the operation and maintenance and sales & marketing of the passive infrastructure of 6945 BTS sites of BSNL's GSM network in UP East, UP West, Uttarkhand and Tamilnadu Circles. Advance work order value (at provisional rates) is Rs 6,633.56 crore.

3> In this month, there was also an approval by Cabinet Committee on Economic Affairs (CCEA) for mandatory procurement of certain quantity of tendered equipment/ project (20 percent or 30 percent depending on the type of project) from ITI by other 3 PSUs of DoT, viz., BSNL, BBNL and MTNL.

At 12:42 hours IST, the stock was quoting at Rs 102.30, up Rs 4.40, or 4.49 percent on the BSE.
First Published on Nov 21, 2018 01:03 pm
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