Shares of Indian Telephone Industries Ltd (ITI) surged by over 10% to Rs 353.65 on December 9, following significant investor interest and soaring volumes. The stock witnessed a surge in trading activity, with over 4 crore shares changing hands during the early hours of trade, bringing the total traded volume to 12 crore shares over the last two sessions. This was notably higher than the one-month and one-week average of 2 crore shares.
The gains came after the company received a Rs 95 crore contract from the Directorate of Geology & Mining, Uttarakhand, for the Mining Digital Transformation & Surveillance System (MDTSS) project. ITI is responsible for the development, implementation, and maintenance of the MDTSS across four districts of Uttarakhand.
Additionally, ITI emerged as the lowest bidder for three packages of the BharatNet Phase 3 project, valued at Rs 4,559 crore. The BharatNet Phase 3 project is a major initiative, involving the design, supply, construction, installation, upgradation, and maintenance of the middle mile network under BSNL’s DBOM model.
As of today, the stock was up by 10.18%.
