Shares of ITI Limited surged over 8 percent in intra-day trading on Tuesday, September 10, following the company's announcement of a major ₹300 crore order for solar streetlight systems in Bihar. This contract is part of the Bihar Renewable Energy Development Authority's (BREDA) ongoing initiative to improve rural infrastructure with renewable energy solutions.
ITI Limited, a prominent telecom manufacturer and the first PSU established post-independence, confirmed that BREDA had awarded it the contract to supply and install 100,000 solar streetlight systems. This new order builds on the 80,000 solar streetlights ITI is already providing under BREDA's projects in Bihar.
The company's stock rose by as much as 8.4 percent, hitting an intra-day peak of ₹306.75, nearing its 52-week high of ₹384.35 recorded in January. ITI shares have surged over 146 percent from their 52-week low of ₹124.50 in September last year and have increased 127 percent over the past year. Despite this substantial growth, the stock has seen a modest 1 percent rise year-to-date (YTD) in 2024.
The new order will see solar streetlight systems installed across districts including Gopalganj, Siwan, Samastipur, Purnia, Araria, Gaya, Darbhanga, Patna, Katihar, and Khagaria. These systems, manufactured at ITI's Naini Plant—where solar panels have been produced for six years—will include Solar PV Modules, Solar Batteries, LED Luminaries, and Mounting Structures. BREDA will supervise the installations to ensure adherence to quality and sustainability standards.
Rajesh Rai, Chairman and Managing Director of ITI Limited, expressed enthusiasm about continuing the partnership with the Government of Bihar for solar streetlight systems.
“With this latest order, we reinforce ITI's position as a trusted provider of solar systems committed to a sustainable future,” Rai said, underscoring the company's expanding reputation in the renewable energy sector.
In addition to this order, ITI recently received its first contract for Electronic Voting Machines (EVMs) from the State Election Commission of West Bengal, marking a significant step in diversifying its product portfolio.
ITI's expansion into renewable energy and electronic systems, alongside its telecom expertise, positions the company to seize future growth opportunities across both public and private sectors.
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