ITI share price bounced back from intraday lows on Wednesday after the company announced receipt of an order worth ₹167 crore. ITI shares fell 4.4% to a low of ₹350.00 apiece on the BSE. However, the PSU stock recouped some of its losses.
ITI Ltd, the country’s first PSU post-independence and telecom manufacturing company has won a large contract from the Rural Development Department, Govt. of Maharashtra, the company informed in a stock exchange filing on January 22.
The order is to set up, operationalize, rollout and monitor the implementation of Aaple Sarkar Seva Kendra (ASSK) in Gram Panchayats (ASSK-GP ) of Chatrapathi Sambhaji Nagar Region, Nagpur Region, and Amaravati Region of Maharashtra. The contract also covers maintenance of systems for a period of one year, it said.
The project cost is approximately around ₹167 crores which includes the cost of deployment of technical manpower at the ASSK-GP, and the entailing Project Management expenses, the company release added.
“Through e-governance platforms like Aaple Sarkar Seva Kendras, citizens can be benefitted with the offering of services through the deployment of digital technologies thereby achieving transparency, efficiency, and accessibility in e-governance services. ITI will explore more such projects in other states where it can use its IT expertise in helping state governments deliver delightful citizen-centric services,” said Rajesh Rai, Chairman and Managing Director, ITI Limited.
ITI Stock Price
ITI share price has gained over 4% in one month and has rallied more than 61% in three months. The PSU stock rose 18% in six months, but failed to deliver any returns in the past one month as it remained flat.
Over the past two years, ITI stock price has delivered multibagger returns of over 240%.
At 12:50 PM, ITI shares were trading 3.88% lower at ₹352.00 apiece on the BSE, with a market capitalsation of more than ₹33,823 crore.
