On November 11, shares of ITI Limited soared 11% in intraday trading after the company announced its success as the lowest bidder (L1) for three packages in the BharatNet Phase-3 Project, collectively valued at ₹4559 crore. This significant win, achieved alongside ITI’s consortium partner, spans multiple regions across India, underscoring ITI's prominent role in enhancing digital infrastructure in underserved areas.

Project Details and Package Breakdown

• Package 15: Comprising the northeastern states of Arunachal Pradesh, Nagaland, and Manipur, this package alone holds an order value of ₹1537 crore.
• Package 8 and 9: These packages cover Himachal Pradesh and a combined region of West Bengal and Andaman & Nicobar Islands, together worth ₹3022 crore.

This achievement, made public on November 7, 2024, marks ITI’s emergence as the L1 bidder for all three packages within BharatNet Phase-3, a central government initiative aimed at bolstering digital connectivity across India.

BharatNet Phase-3 Project Overview

The BharatNet Phase-3 initiative, managed by BSNL, is a comprehensive project aimed at bridging digital access in rural and remote areas across India. This phase of BharatNet is divided into 16 packages covering all states and union territories. ITI’s winning bid for three of these packages represents a substantial portion of the project and a significant strategic win for the company. The contracts are based on a Design, Build, Operate, and Maintain (DBOM) model, which encompasses the entire life cycle of the middle-mile network infrastructure.

Stock Performance

Following the announcement, ITI’s stock price surged on the BSE, reflecting investor confidence in the company’s strategic positioning and growth potential. As of 10:37 a.m. on November 11, ITI was trading at ₹338.70, marking an increase of ₹35.10 (11.56%).

Upcoming Financial Disclosure

ITI’s board of directors will convene on November 14, 2024, to discuss and approve the unaudited financial results for the quarter and half-year ending September 30, 2024. Investors are likely to pay close attention to these results, given ITI's recent order wins and their potential impact on the company's revenue and profitability.

Strategic Impact

This milestone not only reinforces ITI’s position as a key player in India’s telecommunications infrastructure sector but also highlights the company's robust partnership capabilities and operational expertise in handling large-scale public sector projects. BharatNet Phase-3 aims to empower rural communities by providing broadband connectivity, enabling local digital ecosystems, and enhancing e-governance access in remote areas.

The project, once operational, will serve as a critical backbone for government and private digital services, supporting the government’s push for Digital India.

The Upcoming IPOs in this week and coming weeks are Mangal Compusolution, Onyx Biotec, Rosmerta Digital, NTPC Green, Avanse Financial, Nisus Finance and Black Buck.

The Current active IPO are  Niva Bupa Health and Neelam Lines and Garments.

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