PSU Stock: ITI share price jumps 14% on L1 bid win for ₹3,022 crore; Expert sees further upside

PSU Stock: ITI share price jumped close to 14% during Friday's trading session following the company's announcement that it has been selected as the L1 bidder for a BharatNet project worth ₹3,022 crore focused on the Middle Mile Network. The firm has secured the lowest bid for the project located in Himachal Pradesh, West Bengal, and the Andaman and Nicobar Islands.

"ITI Limited, the country’s first PSU post-independence and a premier telecom manufacturing company with its consortium partner has emerged as L1 in BharatNet Phase-3 Project," the company said in an exchange filing.

The ITI-led Consortium has successfully completed two of the eleven packages for which tender was opened so far, out of a total of sixteen packages spanning across the country.

Additionally, the company mentioned in an exchange filing that BSNL had called for tenders for the design, supply, construction, installation, upgradation, operation, and maintenance of the Middle Mile Network of BharatNet across 16 Packages/Circles.

“We are delighted to have emerged as L1 for the prestigious BharatNet phase-3 project in the states of Himachal Pradesh and West Bengal, Sikkim, and Andaman & Nicobar Islands. BharatNet is a nation building project and it gives me immense satisfaction to be part of the execution of this gigantic project,” said Rajesh Rai, Chairman and Managing Director, ITI.

ITI share price today

ITI share price today opened at an intraday low of ₹272.05 apiece on BSE, the stock touched an intraday high of ₹302.90 per share. Rajesh Bhosale, Equity Technical and Derivative Analyst at Angel One stated that the ITI share price had seen strong traction this week as it has gained more than 30%, backed by substantial volumes. 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.

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