ITI Share Price Surges After Securing BharatNet Phase-3 Project Contracts Worth ₹4,559 Crore
Contents
- 1 ITI share price
- 1.1 ITI Share Price Surges After Securing BharatNet Phase-3 Project Contracts Worth ₹4,559 Crore
- 1.1.1 Key BharatNet Phase-3 Contracts Secured by ITI
- 1.1.2 Board Meeting Scheduled for November 14, 2024
- 1.1.3 Conclusion:
- 1.1.4 FAQs:
- 1.1.4.1 1.What caused ITI’s share price to rise on November 11, 2024?
- 1.1.4.2 2.What is the BharatNet Phase-3 project?
- 1.1.4.3 3.How many BharatNet Phase-3 packages did ITI secure?
- 1.1.4.4 4.What is the total order value ITI secured in the BharatNet Phase-3 project?
- 1.1.4.5 5.What states are covered in ITI’s Package No. 15 of BharatNet Phase-3?
- 1.1.4.6 6.When will ITI’s board meeting take place?
- 1.1.4.7 7.What will be discussed at ITI’s upcoming board meeting?
- 1.1.4.8 8.Who invited tenders for the BharatNet Phase-3 project?
- 1.1.4.9 9.What is the primary focus of the BharatNet Phase-3 project?
- 1.1.4.10 10.How has the market responded to ITI’s BharatNet project wins?
- 1.2 ITI share price
- 1.3 Retirement Planning Mistakes: Underestimating Compound Interest – How to Secure Your Future
- 1.1 ITI Share Price Surges After Securing BharatNet Phase-3 Project Contracts Worth ₹4,559 Crore
ITI Ltd’s share price experienced a significant boost on November 11, surging by 11% after the company, along with its consortium partner, emerged as the lowest bidder (L1) for three packages of the BharatNet Phase-3 project. The total order value for these packages stands at an impressive ₹4,559 crore, marking a notable win for ITI in India’s national digital connectivity drive.
By mid-morning trading at 10:37 am, ITI shares were trading at ₹338.70 on the Bombay Stock Exchange (BSE), up ₹35.10 or 11.56%, indicating strong investor confidence in ITI’s expanded project portfolio and future revenue potential.
Key BharatNet Phase-3 Contracts Secured by ITI
The BharatNet Phase-3 project is a nationwide initiative divided into 16 packages across multiple states and union territories, with BSNL overseeing tender invitations for Design, Supply, Construction, Installation, Upgradation, Operation, and Maintenance on a Design-Build-Operate-Maintain (DBOM) model.
ITI Ltd has secured three of these vital packages as follows:
- Package No. 15 – Covering the states of Arunachal Pradesh, Nagaland, and Manipur, this package holds an order value of ₹1,537 crore.
- Package No. 8 – Focused on the state of Himachal Pradesh, with an order value of ₹1,037 crore.
- Package No. 9 – Encompassing West Bengal and the Andaman & Nicobar Islands, with an order value of ₹1,985 crore.
With these packages, ITI Ltd’s total order value for the BharatNet Phase-3 project reaches ₹4,559 crore, significantly bolstering its standing in the competitive telecom and digital infrastructure sector.
Board Meeting Scheduled for November 14, 2024
In addition to the BharatNet win, ITI Ltd will hold a board meeting on November 14, 2024, to review and approve the company’s unaudited financial results for Q2 and the half-year ending September 30, 2024. Investors will likely keep a close eye on this announcement, anticipating insights into ITI’s financial performance and future growth outlook.
Conclusion:
ITI Ltd’s recent success in securing three BharatNet Phase-3 packages, totaling ₹4,559 crore, underscores its critical role in India’s national connectivity infrastructure. With this substantial contract addition, ITI is poised to further strengthen its financial performance and enhance its market position within the telecom infrastructure sector. Investors have responded favorably, pushing the share price upward, and the upcoming board meeting could offer further insights into the company’s strategic and financial direction.
FAQs:
A. ITI’s shares rose by 11% following the company’s announcement of securing BharatNet Phase-3 project contracts valued at ₹4,559 crore.
2.What is the BharatNet Phase-3 project?
A. BharatNet Phase-3 is a nationwide digital connectivity project to provide high-speed internet across India, divided into 16 packages across various states.
3.How many BharatNet Phase-3 packages did ITI secure?
A. ITI secured three packages—Package Nos. 8, 9, and 15—spanning multiple states including Himachal Pradesh, West Bengal, and Arunachal Pradesh.
4.What is the total order value ITI secured in the BharatNet Phase-3 project?
A. The total order value ITI secured is ₹4,559 crore.
5.What states are covered in ITI’s Package No. 15 of BharatNet Phase-3?
A. Package No. 15 covers the states of Arunachal Pradesh, Nagaland, and Manipur.
6.When will ITI’s board meeting take place?
A. ITI’s board meeting is scheduled for November 14, 2024.
7.What will be discussed at ITI’s upcoming board meeting?
A. The board will review and approve ITI’s unaudited financial results for the quarter and half-year ending September 30, 2024.
8.Who invited tenders for the BharatNet Phase-3 project?
A. BSNL invited tenders for the project on a Design-Build-Operate-Maintain (DBOM) model.
9.What is the primary focus of the BharatNet Phase-3 project?
A. BharatNet Phase-3 focuses on expanding digital connectivity across India through a middle-mile network infrastructure.
10.How has the market responded to ITI’s BharatNet project wins?
A. Investors have responded positively, driving ITI’s share price up by 11% on the BSE.
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