ITI Shares Jump On Winning Rs 300-Crore Order From Bihar Government
The order by BREDA is for the supply and installation of 1 lakh units of solar street light systems.
Shares of ITI Ltd., a central PSU that manufactures technical equipment, jumped over 8% on Tuesday after the company won a Rs 300-crore order from Bihar government.
The order has been issued by the Bihar Renewable Energy Development Authority for the supply and installation of 1 lakh units of solar street light systems.
This is in addition to the order for 80,000 solar street light systems, which the company is currently executing in Bihar for BREDA, an exchange filing said.
The fresh order for 1 lakh units of solar street light systems has been issued under the 'Mukhyamantri Gramin Solar Street Light Yojana', an initiative of the Bihar government to promote the use of renewable energy in rural areas.
The districts where the light systems will be installed, as part of this order, are Gopalganj, Siwan, Samastipur, Purnia, Araria, Gaya, Darbhanga, Patna, Katihar, and Khagaria, a press release noted.
With this order, "we have established ITI as a reliable solar systems provider striving for a greener tomorrow,” ITI Chairman and Managing Director Rajesh Rai said. “ITI Limited has now amassed dependable experience of efficiently supplying and installing Solar Street Light Systems in urban as well as rural hinterlands,” he said.
ITI was also in the news last month, after the company bagged an order from the State Election Commission of West Bengal for the supply of 500 sets of electronic voting machines.
Stock Movement
Shares of ITI jumped 8.8% before paring some gains to trade 4.75% higher at Rs 296.50 apiece as of 12:51 p.m., compared to a 0.51% advance in the NSE Nifty 50.
The stock has risen 99.8% during the last 12 months and has declined 2.2% year-to-date. Total traded volume so far in the day stood at 6.2 times its 30-day average. The relative strength index was at 50.
