The shares of this midcap company jumped around 3 percent after its first EVM order from West Bengal State Election Commission. In one year, the stock has delivered more than 150 percent return to its shareholders.
Price Movement:
With a market capitalization of Rs. 29,542 crores, the shares of ITI Ltd started Friday’s trading session on a higher note at Rs. 313 compared to its previous close of Rs. 299.70. During the trading session, the shares hit a high of Rs. 315.50, gaining around 3 percent and are currently trading at Rs. 306 apiece.
What Happened:
Such a positive movement in the share price was observed after the company in an exchange filing announced that it had bagged its first Electronic Voting Machine (EVM) order from the State Election Commission (SEC) of West Bengal for the supply of 500 sets of Electronic Voting Machines after the successful demonstration to the SEC at Kolkata.
These Electronic Voting Machines (EVMs), developed by ITI Limited according to the specifications established by the SEC and approved by the standing committee of State Election Commissioners, will be utilized for local body elections at various levels, including Gram Panchayats, Municipalities, and Corporations.
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This EVM machine can also be used as a Single Post machine for meeting the requirements of Lok Sabha/Assembly elections.
Furthermore, the product will be manufactured at ITI Limited’s factories complying with the technical specifications of the Election Commission, and will be delivered on a fast-track basis adhering to the quality norms and as per the commitments given to West Bengal SEC.
Financials:
Looking at the company’s financial performance, the revenue decreased by 13 percent from Rs. 601 crores during the March quarter to Rs. 520 crores in the June quarter. Contrastingly, the net losses of the company reduced from Rs. 239 crores to Rs. 91 crores during the same timeframe.
Manufacturing Facilities:
The company operates state-of-the-art manufacturing facilities in six locations in Bengaluru, Naini, Raebareli, Mankapur, Srinagar, and Palakkad. Additionally, it has an in-house research and development (R&D) centre in Bengaluru and marketing, sales, and projects (MSP) offices located throughout the country.
Future Plan:
ITI Limited is actively diversifying its offerings and enhancing its technological capabilities. The company is focusing on areas such as smart city solutions, IoT applications, and cloud services, particularly for government institutions and banks. It is also involved in significant projects like BharatNet, aimed at expanding high-speed broadband connectivity across rural India
Company Profile:
ITI Limited is engaged in manufacturing, trading and servicing of telecommunication equipment, and rendering other associated and ancillary services. The Company focuses on offering telephone communication services.
Written By Vaibhav Patil
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