Shares of ITI Limited have rallied 37% this week, reaching ₹304.24 on the BSE. The recent surge is attributed to ITI’s announcement that its consortium partner has emerged as the lowest bidder (L1) in the BharatNet Phase-3 Project for two packages, with a combined order value of ₹3,022 crore.
The BharatNet Phase-3 Project, funded by the Universal Service Obligation Fund (USOF) under the Department of Telecommunications, is aimed at bridging the digital divide by providing high-speed broadband to Gram Panchayats across India. ITI, which leads the consortium, has secured packages in Himachal Pradesh, West Bengal, and the Andaman & Nicobar Islands, showcasing its expertise in the telecom infrastructure space.
Over the past week, ITI’s stock opened at ₹273 and rose steadily to close at ₹304, marking a significant gain. For the month, ITI shares have risen by 23.6%, indicating strong investor confidence driven by recent contract wins.
The Nifty 50 index, however, has seen a decline of 3.74% this month, closing at ₹24,148.20, reflecting a broader market downturn. ITI’s performance stands out amidst the market weakness, bolstered by its strategic wins and role in expanding India’s telecom infrastructure.
