ITI share price rose 3 percent in the early trade on November 19 after the company received a contract worth around Rs 95 crores from Directorate of Geology & Mining, Government of Uttarakhand for Mining Digital Transformation & Surveillance System (MDTSS) project.
At 09:27am, ITI was quoting at Rs 291.60, up Rs 0.35, or 0.12 percent, on the BSE.
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, the company will be the work agency for development, implementation and maintenance of MDTSS in the districts of Dehradun, Haridwar, Udham
Singh Nagar, and Nainital for40 check gates.
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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, company said.
Recently, ITI 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 4559 crore.
The company in the quarter ended September narrowed its consolidated losses at Rs 70.3 crore against loss of Rs 126 crore in the same quarter last fiscal. However, its revenue zoomed 312.3 percent to Rs 1,016.2 crore versus Rs 246.5 crore, YoY.
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