ITI rallies on extension of reservation quota by the govt

BSE 23 May 12 | 12:00 AM

19.20		-0.1 (-0.52%)
Mkt Price (Rs)		Chg Rs (Chg %)

Code: 523610

Face Value: N.A.

NSE 23 May 12 | 12:00 AM

19.20		-0.15 (-0.78%)
Mkt Price (Rs)		Chg Rs (Chg %)

Code: ITI

Performance
1 Week	:	Rs	19.40	(-1.03%)
1 Month	:	Rs	22.95	(-16.34%)
1 Year	:	Rs	31.25	(-38.56%)

ITI rallies on extension of reservation quota by the govt

SI Reporter / Mumbai 06 Oct 10 | 09:45 AM

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ITI has rallied 10% to Rs 46.55 on reports that the government asked the telecom companies BSNL and MTNL to procure 30% of their equipment from the state-run telecom equipment maker for another two years to help the company to cut its debt. The decision will be effective from September 21, 2010. The decision was taken at the meeting of the Cabinet Committee on Economic Affairs (CCEA).

"BSNL and MTNL will give 70% advance against the orders placed on ITI so that the company does not face the problem of working capital for the execution of the orders," according to the report.

The stock of ITI opened at Rs 43.50 and hit a high of Rs 47 on the NSE. As many as 842,865 shares have changed hands on the counter so far.