PSU Stock: ITI share price jumps 14% on L1 bid win for ₹3,022 crore; Expert sees further upside

ITI share price jumps 14% on L1 bid win for ₹3,022 crore

PSU ITI share price rose as much as 14.4% intraday on August 22 after the company announced winning a contract worth ₹3,022.12 crore from Bharat Sanchar Nigam Limited (BSNL). As per the contract, ITI will plan, design, supply, install, testing, and commission the 4G network in Andaman & Nicobar, and Lakshadweep circles for a period of five years. This contract is expected to help BSNL improve its 4G network coverage and capacity in the region and cater to increasing data demand.

Expert view

Expert sees further upside in ITI share price. The stock had closed at ₹101.30 on August 22, up 13.96% from its previous close of ₹88.75. “The stock has been in an uptrend for the past few months and appears to be consolidating in a range. If the stock manages to break out of the range, it could move towards ₹120 levels,” said an analyst at a domestic brokerage firm.

About ITI

ITI is a public sector undertaking under the Ministry of Communications. ITI is engaged in the design, development, manufacturing, and supply of telecommunications equipment and systems. The company's product portfolio includes switching systems, optical fiber transmission systems, microwave systems, satellite communication systems, data communication systems, and security systems.

Disclaimer

The information provided in this article is for informational purposes only and does not constitute financial advice. Please consult a qualified financial advisor before making any investment decisions.