Mon Nov 11 06:44:56 UTC 2024: ## ITI Shares Soar 14% on BharatNet Project Win
**New Delhi, India** – ITI Limited, India’s first public sector undertaking (PSU) and a leading telecom manufacturing company, saw its share price surge close to 14% on Friday following a major win in the BharatNet project. The company was declared the lowest bidder (L1) for a ₹3,022 crore project focused on the Middle Mile Network in Himachal Pradesh, West Bengal, and the Andaman and Nicobar Islands.
ITI, along with its consortium partner, emerged victorious in the BharatNet Phase-3 project, securing two of the eleven packages opened for bidding so far. The project, spanning across 16 packages nationwide, aims to enhance the country’s digital infrastructure.
“We are delighted to have emerged as L1 for the prestigious BharatNet phase-3 project,” said Rajesh Rai, Chairman and Managing Director of ITI. “BharatNet is a nation-building project, and it gives me immense satisfaction to be part of its execution.”
The company’s stock price responded enthusiastically to the news, opening at ₹272.05 apiece on the BSE and reaching an intraday high of ₹302.90 per share. Rajesh Bhosale, Equity Technical and Derivative Analyst at Angel One, attributed the stock’s strong performance this week to the BharatNet win. “The ITI share price has gained more than 30% this week, backed by substantial volumes,” he said. “These prices have broken above all key moving averages. Expect this upmove to continue, and any dips should be considered as a buying opportunity. ₹285 – 280 is immediate support, and ₹330 is resistance.”
The BharatNet project, overseen by Bharat Broadband Network Limited (BBNL), aims to provide high-speed internet connectivity to villages across India. The project is crucial for bridging the digital divide and promoting digital inclusion.
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