ITI share price jumps 4% on bagging Rs 7,796-crore project from army

The company will build Phase 4 of the Army Static Switched Communication Network for secured communication across the country.

ITI share price jumped over 4 percent intraday on October 5 after the company signed a Rs 7,796-crore Army Static Switched Communication Network (ASCON) project.

To strengthen the communication network for the Indian Army, ITI Limited, a telecom and defence equipment manufacturing PSU, has signed Rs 7,796 crore Phase IV Project of ASCON for deploying strategic network for secured communication across the country and subsequent maintenance for the next 10 years, the company said in an exchange filing.

The project is an IP MPLS-based communication network with microwave radio, satellite and optical fibre network as media. The project includes installation, commissioning and maintenance of telecom equipment like IP/MPLS routers, NMS, mobile nodes, test equipment and civil works for providing the complete infrastructure at various sites and rollout optical fibre network of about 11,000 km, the company added.

The stock was trading at Rs 130.25, up Rs 5.10, or 4.08 percent at 0953 hours. It has touched an intraday high of Rs 134.30 and an intraday low of Rs 130.

It also witnessed a spurt in volume by more than 1.02 times and was trading with volumes of 81,280 shares, compared to its five-day average of 79,300 shares, an increase of 2.50 percent.

"Having successfully implemented and maintaining the first three phases of ASCON project for the last three decades, we have an edge in implementing this prestigious project. Having ASCON IV project at this juncture certainly gives a big boost to the Indian Army and ITI is very much excited to roll out this network," Chairman and Managing Director RM Agarwal said.

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