ITI shares rose 9% in early deals today, what triggered the rally?

ITI share price today: Shares of ITI Ltd rose nearly 9% on Friday after the PSU with its consortium partner emerged as L1 in BharatNet Phase-3 Project in Himachal Pradesh for Package No. 8, and in West Bengal, and Andaman & Nicobar Islands for Package No. 9 with total order value of Rs. 3022 crore. ITI stock gained 9.12% to a high of Rs 291 against the previous close of Rs 266.65 on BSE. Total 11.33 lakh shares of the firm changed hands amounting to a turnover of Rs 32.33 crore. Market cap of the telecom equipment maker climbed to Rs 27,596 crore.

The stock fell to a 52-week low of Rs 210.20 on October 25, 2024 and rose to a 52 week high of Rs 384.35 on January 17, 2024. 

The PSU stock has risen 160% in two years and gained 234.75% in five years. The multibagger stock is trading neither in the overbought nor in the oversold zone, signals relative strength index (RSI) of ITI stock which stands at 64.1. 

BSNL had invited tenders, for Design, Supply, Construction, Installation, Upgradation, Operation and Maintenance of Middle Mile Network of BharatNet in 16 Packages/Circles. BharatNet Phase-3 Project is envisaged for the Development (Creation, Upgradation and Operation & Maintenance) of Middle Mile Network of BharatNet on Design Build Operate and Maintain (DBOM) Model.

Rajesh Rai, Chairman and Managing Director, ITI Limited, said,  “We are delighted to have emerged as L1 for the prestigious BharatNet phase-3 project in the states of Himachal Pradesh and West Bengal, Sikkim, and Andaman & Nicobar Islands. BharatNet is a nation building project and it gives me immense satisfaction to be part of the execution of this gigantic project.”

ITI is primarily engaged in the business of Manufacture, sale & servicing of Telecommunication equipments and building communication network infrastructures using Internet Protocol (IP) / Multi Protocol Label Switching (MPLS) Technology, Optical Fibre Cable (OFC), Microwave Radio and Satellite communication channels. Further, Company is engaged in turnkey contracts/solutions and provides customized support.