ITI share price

ITI Share Price Rallies 9% as Company Secures Rs 3,022 Crore BharatNet Project

ITI Ltd shares witnessed a strong rally, climbing 9% to reach an intraday high of Rs 291 on the Bombay Stock Exchange (BSE) after the company emerged as the L1 (lowest) bidder for a significant BharatNet Phase-3 project worth Rs 3,022 crore. This project covers the Middle Mile Network in Himachal Pradesh, West Bengal, and the Andaman & Nicobar Islands and represents a key win for ITI Ltd in India’s ambitious BharatNet initiative.

The company disclosed its successful bid in a regulatory filing, stating, “ITI Limited, India’s first public sector telecom manufacturing company, alongside its consortium partner, has emerged as the L1 bidder for BharatNet Phase-3 Project in Package No. 8 for Himachal Pradesh and Package No. 9 for West Bengal and Andaman & Nicobar Islands. The total order value for these packages is Rs 3,022 crore.” This project win adds to ITI Ltd’s already extensive portfolio in telecom and fiber network infrastructure.

BharatNet Project: A Push Toward Digital Connectivity

The BharatNet project, a flagship initiative by the Government of India funded by the Universal Service Obligation Fund (USOF) under the Department of Telecommunications (DoT), seeks to bridge the digital divide in India by providing high-speed broadband connectivity to rural and remote areas. This network is intended to reach all Gram Panchayats and villages with a 100 Mbps bandwidth, ensuring access to online services for underserved populations across the country.

The recent tender, invited by BSNL for the design, supply, construction, and operation of the Middle Mile Network across 16 packages nationwide, saw ITI Ltd’s consortium winning two of these 16 packages. ITI Ltd’s Chairman and Managing Director, Rajesh Rai, expressed pride in the achievement, stating, “We are thrilled to be the L1 bidder for BharatNet Phase-3 in Himachal Pradesh, West Bengal, and Andaman & Nicobar Islands. Being part of a nation-building project of this magnitude is a point of pride for ITI Ltd.”

ITI Ltd’s Role and Experience in BharatNet Projects

ITI Ltd’s extensive experience with BharatNet projects across India has been instrumental in the company’s recent bid success. The company has previously executed Optical Fiber Network (OFN) projects for BharatNet in states like Tamil Nadu, Maharashtra, and Gujarat, with current ongoing projects valued at Rs 5,400 crore. This recent contract win further cements ITI Ltd’s reputation as a trusted provider in India’s drive for digital connectivity.

ITI Ltd Stock Performance

The positive response to ITI Ltd’s BharatNet project win was immediate, with shares rallying 9% on the BSE. Over the past year, ITI Ltd shares have risen by 5.66%, though they have seen a slight dip of 6.45% year-to-date. As ITI Ltd moves forward with the BharatNet project, investor confidence appears strong, driven by the company’s ongoing expansion and successful bid outcomes.

Conclusion:

ITI Ltd’s success in securing key BharatNet contracts underscores its leadership in India’s telecom and broadband infrastructure sector. With a track record of delivering high-quality, large-scale projects, ITI Ltd is well-positioned to continue contributing to India’s digital transformation and rural broadband initiatives. ITI share price, This achievement not only supports the company’s growth trajectory but also aligns ITI Ltd with India’s vision of equitable digital access.