ITI rings a bell

PSU telecom equipment making company, ITI Ltd is among the top five gainers on the BSE today. The stock price rose 10% to Rs.113 on the back of a 11.5 times rise in volumes. Its 52-week high is at Rs.133.40.

The stock price rose in anticipation of announcements after the scheduled Board meeting today. The agenda of the meet - to consider and approve allotment of equity shares to the President of India, against capex infusion, as per the revival package of BIFR order dated January 8, 2013.

Govt of India as such currently holds 90.09% stake in the company.

The company recently stated that it has won contracts of BharatNet projects like TANFINET, Andaman and Nicobar OFC and IAF 4G LTE projects. The continued support from Govt of India is what catapulted the company back into good business again. It is sitting on an order book of over Rs.8800 crore.