With 71% jump in 4 days, this PSU stock is at its highest level since 1994
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Shares of ITI Ltd rallied 7 per cent on Thursday to hit the highest level in over 25 years on the BSE. The stock touched Rs 212.45, its highest level since February 1994 on heavy volumes.
The average trading volumes on the counter nearly doubled with a combined 31.2 million equity shares, representing 3.2 per cent of total equity, having changed hands on the NSE and BSE.
The stock's previous record high of Rs 275 was touched on January 11, 1994, BSE data shows.
In the past four days, the stock of the state-owned telecom - equipment & accessories company has zoomed 71 per cent after it announced it has developed self-owned branded Laptop and Micro PC in the market that matches international quality and performance.
In an exchange filing the company said that its new products branded as ‘SMAASH’ have been deployed in the market, and it has won many tenders competing against MNC brands like Acer, HP, Dell and Lenovo.
The central public sector undertaking has designed both products in association with Intel. It has also signed a Memorandum of Understanding (MoU) with Intel for design and manufacturing, ITI said in an exchange filing. The products are equipped with i3, i5, i7 and other microprocessor series of Intel.
“ITI has recently won two tenders from Kerala Infrastructure and Technology for Education (KITE) and has supplied around 9,000 laptops to the government schools in Kerala,” it added.
ITI said that more than 12,000 SMAASH PCs had been installed at customer sites. ITI pointed out that it offers SMAASH PCs with solar solutions.
Meanwhile, with a strong order book of Rs 11,460.14 crore as on June 30, 2023, the company's revenue visibility is healthy.
ITI's 90.28 per cent stake is held by the government and its operations are administered by the DoT under the Ministry of Communications.
With the first-mover advantage, ITI has been one of the key contractors for the projects of BSNL, MTNL, Ministry of Defence, Ministry of Rural Development, etc., in the last few decades.
Given its strategic importance, ITI has been involved in government projects such as Make in India, Digital India, Smart City.
Supported by its track record, ITI has won key projects like BharatNet Phase-II and ASCON Phase IV project of the Ministry of Defence, supplying smart energy meters, network for spectrum, TANFINET etc.
Apart from these, a big order is expected from Bharat Sanchar Nigam Limited (BSNL) for deployment of the latter’s 4G services.
In its FY23 annual report, ITI said that the company is planning to implement a 500 MW Solar Module in-house manufacturing facility with High Efficiency Mono Crystalline Solar Cell with an investment of Rs 110 crore in year 2023-24.
ITI looks forward to manufacture complete of Electronic Voting Machine (EVM) system. The developed EVM has complete user interface and the mechanical design as per the needs of State Election Commission (SECs). EVM comprises of Ballot unit, Control unit & VVPAT (Voter Verifiable Paper Audit Trail).
As part of diversification strategy, ITI has entered into Smart Energy Meter manufacturing wherein the legacy energy meters are being replaced by smart energy meters.
ITI Palakkad plant is having the bulk manufacturing infrastructure and facilities for the calibration and testing of smart energy meters.
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Accordingly, all eligible workers of profit making PSUs under group C and D will be paid a minimum bonus of Rs 8,400 and a maximum of Rs 16,800, amounting to 8.33 per cent bonus and an ex-gratia of 11.67 per cent, an official release here said.
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