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Published on 9/11/2018 12:56:11 PM | Source: Dion Global Solutions Ltd

Government to continue procurement quota for ITI; scrip surges 10%

Posted in Stock On The Move| #Telecom Sector #Stock On The Move #BSNL

Shares of ITI Ltd surged nearly 10 per cent on the Bombay Stock Exchange after the government said that it would ask three state-owned telecom companies, BSNL, MTNL and Bharat Broadband Network, to buy 30 per cent of their equipment orders from ITI.

Cheering the news, shares of the company gained as much as 9.80 per cent and touched an intra-day high of Rs 103.00 apiece on the Bombay Stock Exchange. In a similar trend, stocks of the firm were trading at Rs 99.45 apiece, up 5.69 per cent, on the National Stock Exchange. Meanwhile, the broader benchmark BSE Sensex was trading at 35,231.54, down 6.14 points, or 0.02 per cent, from the previous close on the BSE at 12:25 hours.