India's ITI jumps on consortium emerging as lowest bidder for $358 mln project

ITI

08/11/2024 04:27

** Shares of telecom company ITI  ITEL.NS  rise as much as
8.7% to 289.78 rupees
    ** Co on Thursday said a consortium led by it emerged as the
L1 or lowest bidder in a contract for state-run broadband
network BharatNet
    ** Project is worth 30.22 bln rupees ($358.2 mln)
    ** Stock on track for fourth straight session of gain, if
trend holds
    ** More than 16.1 mln shares change hands, 9.4x of 30-day
avg
    ** Stock up 27% so far this week, set for best weekly gain
since Oct. 2023
    ** Stock last up 7.7%, cutting YTD loss to 6%


($1 = 84.3650 Indian rupees)

 (Reporting by Ashish Chandra in Bengaluru)
 ((ashish.chandra@thomsonreuters.com (+91 7982114624))