Iti share price is trading below 5 per cent at Rs. 47.65, down by 5 per cent.
Valiant Communications Ltd has signed a MOU (Memorandum of Understanding) with ITI Limited (an undertaking of Govt, of India), for its technology and product in Defense and Paramilitary.
Also, the union cabinet on Wednesday has given the approval for the Department of Telecommunications's proposal for continuing reservation quota for ITI Limited in procurement made by BSNL, MTNL and Bharat Broadband Network Limited (BBNL). The approval was given by the Cabinet Committee on Economic Affairs (CCEA) in a meeting chaired by Prime Minister Narendra Modi.
As per the Reservation Quota policy, 30 per cent of the procurement orders given by BSNL, MTNL and BBNL will be reserved for ITI Ltd for the products suffered by it and for those outsourced items in which there will be a limited 5 per cent value to be added by it during the year 2016-17 and 8 per cent value addition in 2017-18.
20 per cent of the orders will also be reserved for the state-owned company for the turn key projects such as global system for mobile communication network roll-out of BSNL and MTNL and for national optical fibres network (NOFN) roll-out for BBNL.
The government informed that the public sector unit is going to accept orders under reservation quota only after the price is known and if the same is commercially viable. The policy measures shall remain in force for a period of two years.
It also informed that it would be very difficult for ITI to survive on its own without the benefit of reservation quota which BSNL/MTNL has been extending for ITI for the last many years.
At 4.15 AM, ITI share price settled at Rs. 47.45. Throughout the entire day, 4,44,717 shares were traded on the counter with a traded value of Rs. 216.04 lacs.
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