Spanco Tele gains 11% on Rs 70 crore order win from Orissa govt

MUMBAI: Shares of Spanco Telesystems surged more than 11 per cent after the company bagged a contract worth Rs 70 crore from the Orissa government to implement a state wide area network on build-own-operate basis.

Under this contract Spanco, along with ITI will build own and operate a state wide network connecting 30 districts and 284 talukas in Orissa, before transferring it to the state government at the end of five years.

At 10:30 am, the company's shares were up 10.9 per cent to Rs 105.80 after soaring to a high of Rs 114 with volume traded at 22,821 against two-week average of 38,167 shares.