ITI gains on securing contract worth around Rs 95 crore
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ITI is currently trading at Rs. 294.10, up by 2.85 points or 0.98% from its previous closing of Rs. 291.25 on the BSE.
The scrip opened at Rs. 299.05 and has touched a high and low of Rs. 301.60 and Rs. 287.85 respectively. So far 268773 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 384.35 on 17-Jan-2024 and a 52 week low of Rs. 210.20 on 25-Oct-2024.
Last one week high and low of the scrip stood at Rs. 324.00 and Rs. 276.30 respectively. The current market cap of the company is Rs. 28567.17 crore.
The promoters holding in the company stood at 90.00%, while Institutions and Non-Institutions held 7.98% and 2.03% respectively.
ITI has received a contract worth around Rs 95 crore from Directorate of Geology & Mining, Government of Uttarakhand for Mining Digital Transformation & Surveillance System (MDTSS) project. The Uttarakhand Government envisaged this project for effective prevention of illegal mining and mineral transportation and to increase its revenue in the state.
As part of this contract, ITI will be the work agency for development, implementation and maintenance of Mining Digital Transformation & Surveillance System (MDTSS) in the districts of Dehradun, Haridwar, Udham Singh Nagar, and Nainital. Accordingly, Memorandum of Understanding (MoU) of Rs 95 crore for five years has been signed between ITI and Government of Uttarakhand. The systems will be installed at 40 check gates across Dehradun, Haridwar, Nainital, and Udham Singh Nagar. Dehradun will have 8 check gates, Haridwar 13, Nainital 10, and Udham Singh Nagar 9.
The new system equipped with bullet cameras, RFID radars, and LED floodlights will not only help monitor illegal mining activities but also boost the state government’s revenue. Besides, a Mining State Control Centre (MSCC) will be set up in Dehradun, along with mini command centres at district headquarters in Dehradun, Haridwar, Nainital, and Udham Singh Nagar.
ITI, country’s premier telecom company and multi-unit central public sector undertaking, is a total solutions provider in telecommunications segment.
