The shares of this midcap company surged by around 7 percent in Tuesday’s trading session after receiving an order worth Rs. 300 crores for Solar Street Light Systems from Bihar State Government. In one year, the stock has delivered around 100 percent return to its shareholders.
Price Movement:
With a market capitalization of Rs. 28,831 crores, the shares of ITI Ltd started Tuesday’s trading session on a flatter note at Rs. 283.50. During the trading session, the shares hit a high of Rs. 308, gaining around 7 percent and are currently trading at Rs. 300 apiece.
What Happened:
Such a bullish movement in the share price was observed after the company in an exchange filing announced that it had an order worth around Rs. 300 crores from Bihar Renewable Energy Development Authority for the supply and installation of 1lakh numbers of Solar Street Light Systems to Bihar State Government.
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This is in addition to 80,000 solar street light systems the company is currently executing in Bihar for the Bihar Renewable Energy Development Authority (BREDA).
ITI’s Naini plant, which has been manufacturing solar panels for six years has received this supply and installation order under Mukhyamantri Gramin Solar Street Light Yojana, which will cover districts like Gopalgunj, Siwan, Samastipur, Purnia, Araria, Gaya, Darbhanga, Patna, Katihar and Khagaria.
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.
Recent Development:
Earlier, the company 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.
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
Also Read: Ashish Kacholia stock jumps 6% after entering into agreement with HDFC ERGO General Insurance
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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