ITI Ltd Shares Surge on ₹300 Crore Solar Light Order from BREDA

11 Sep 2024 , 11:14 AM

ITI Ltd.’s shares jumped by up to 9% after the company announced winning an order worth nearly ₹300 Crore from Bihar Renewable Energy Development Authority (BREDA).

The order involves the supply and installation of 1 lakh solar street lights for the Bihar state government, adding to the existing order of 80,000 solar street lights that ITI is already fulfilling for BREDA.

At the time of writing, shares of ITI Ltd. is trading at ₹295 which is a 1.70% dip than the previous close. ITI Ltd. has gained a total of 97% in the last one year, and almost 3.89% dip since the beginning of the year.

ITI’s Naini plant, which has been producing solar panels for the past six years, will be responsible for fulfilling the new order. This project covers districts including Gopalgunj, Siwan, Samastipur, Purnia, Araria, Gaya, Darbhanga, Patna, Katihar, and Khagaria.

ITI CMD Rajesh Rai highlighted that ITI Ltd. has developed extensive expertise in supplying and installing Solar Street Light Systems across both urban and rural areas.

Recently, ITI also secured a separate order from the West Bengal State Election Commission to supply 500 Electronic Voting Machines (EVMs).

ITI Ltd. is known for manufacturing a wide range of telecommunication products, including electronic switching equipment, telephones, optical fiber equipment, and digital exchanges.

The government holds a 90% stake in ITI Ltd., with an additional 7.9% held by a Special National Investment Fund, making ITI one of the few PSUs with a low float in the stock market.