ITI wins orders worth Rs2,658cr from Maha govt

ITI Ltd has received a letter of intent (LoI) from the Maharashtra state government after it emerged as the lowest bidder (L1) for two of the latter’s projects, the company informed the exchanges post market hours on Tuesday.

“After having selected ITI's bids as L1 for both for Maharashtra packages, ITI has now received Letter of Intent from Maharashtra State Government for execution of project for value of Rs2,658cr, excluding AMC and taxes, for two packages," ITI's statement to the BSE read.

 

“ITI had participated in MahaNet-I (Bharat Net-II) project in Maharashtra (for packages A & C) along with consortium partners M/s. Aksentt Tech Services Ltd and M/s. Karvy Data Management Services Limited for selection of Project Implementation Agency,” the statement clarified.

 

“Letter of Intent will be converted as Contract on submission of PBG within one month and signing contract with the customer,” it added.

 

ITI Ltd ended at Rs86.60, down Rs0.6, or 0.69%, from its previous close of Rs87.20 on the BSE. The scrip opened at Rs87.70 and touched a high and low of Rs88.35 and Rs85.70 respectively. A total of 4,22,349 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs5,715.60cr. The stock traded below its 200 DMA.

 

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