ITI shares jump 19% on winning Rs 7,000 crore defence project

Shares of ITI, India’s first public sector unit, jumped 19 per cent in Thursday's trade after the company said it was declared the lowest bidder for a Rs 7,000 crore defence project.

Shares of the telecommunications company, which was established in 1948, surged nearly 19 per cent to Rs 121 after the announcement.

The BSE Sensex was down around 125 points, or 0.39 per cent, at 32,278 around 1 pm (IST).

"This is to inform that ITI has been declared as L1 in the "ASCONN Phase 1V Project" by the minister of Defense. The contract value of the project is approximately Rs 7,000 crore," the company said in a statement.

Around 18.39 lakh shares of the PSU were traded on BSE on Thursday against the two-week daily average of 4.21 lakh.