ITI shares skyrocketed 18% on emerging as L1 for a project worth Rs 3,022 crore

Background of the news

On Tuesday, ITI Ltd's shares surged 18% to Rs 105.80 on the BSE after the state-run telecom firm emerged as the lowest bidder (L1) for a project worth Rs 3,022 crore from Bharat Sanchar Nigam Limited (BSNL).

The project involves the upgradation of BSNL's network for the provision of 4G services in eight circles namely, Punjab, Haryana, Himachal Pradesh, J&K, Rajasthan, North-East-1, North-East-2, and Orissa.

Significance of the project for ITI

The project is a significant win for ITI, which has been facing financial challenges in recent years. The project is expected to boost ITI's revenue and profitability in the coming years.

ITI is a leading telecom equipment manufacturer in India. The company has a strong track record in providing telecom solutions to the government and private sector.

Analysts' views on ITI

Analysts are positive on the long-term prospects of ITI. They believe that the company is well-positioned to benefit from the government's focus on boosting the telecom sector.

ITI is a value pick with a potential upside of over 50%, said an analyst.

Disclaimer

This news article is for informational purposes only and should not be considered investment advice. Please consult a financial advisor before making any investment decisions.