ITI rises on emerging lowest bidder for 50 lakh smart meters auction by EESL

ITI is currently trading at Rs. 153.15, up by 1.05 points or 0.69% from its previous closing of Rs. 152.10 on the BSE.

The scrip opened at Rs. 154.30 and has touched a high and low of Rs. 154.80 and Rs. 152.85 respectively. So far 21,000 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 163.20 on 11-Oct-2017 and a 52 week low of Rs. 27.00 on 09-Nov-2016.

Last one week high and low of the scrip stood at Rs. 156.80 and Rs. 143.00 respectively. The current market cap of the company is Rs. 7,334.00 crore.

The promoters holding in the company stood at 92.73%, while Institutions and Non-Institutions held 4.42% and 2.85% respectively.

ITI has emerged as the lowest bidder for 50 lakh smart meters quoting a rate of Rs 2,503 per unit, followed by Genus Power and KEONICS in a reverse auction by EESL. The total procurement cost of 50 lakh units has been reduced by Rs 132 crore due to reverse auction.

Earlier this month, L&T had quoted the lowest price for smart meters at Rs 2,722 per unit, which was 40-50 per cent lower than the current market price.

ITI offers products and services in the telecom sector. The company has a range of telecom products and total solutions covering the whole spectrum of switching, transmission, access and subscriber premises equipment.