ITI zooms 25% in 2 days as co-led consortium bags Rs 3k-cr BharatNet deal

State-owned ITI share price zoomed 25 per cent in two days after the company, as part of a consortium led by it and STL, bagged a Rs 3,000-crore BharatNet contract from the Union government.

On Friday, the ITI scrip spurted 9.99 per cent to close at Rs 109.95 on the BSE. On Thursday, it had jumped 15 per cent to Rs 100.15.

Bharat Broadband Network Limited (BBNL), under the Ministry of Communications, awarded the contract to the ITI Ltd-STL consortium for the supply, deployment, installation, testing, commissioning, operation and maintenance of the BharatNet network in 16 packages covering 14 states.

BharatNet is a state-of-the-art optical fibre network that will provide broadband connectivity to gram panchayats across the country.

The Rs 3,000-crore deal is a significant win for ITI, which is a leading provider of telecom and defence equipment in India.

The ITI-STL consortium will be responsible for the design, engineering, supply and deployment of the optical fibre network, as well as the installation and commissioning of the equipment.

The project is expected to be completed in two years.

ITI is a listed company on the BSE and NSE.

The company's share price has been on a upward trend in recent months, buoyed by the government's focus on digital infrastructure development.