The stock market is in a downtrend and in the last few trading sessions, it has been seen that the market has repeatedly crossed the support level. Experts believe that the market repeatedly hitting the support level weakens it. Nifty is once again trying to take support between the levels of 24200-24000.
Meanwhile, stock-specific action is being seen in the market. PSU stocks have fallen sharply in the recent past. However, for the last four days, the share price of ITI stock has been rising at a stormy pace.

Share prices of ITI Ltd rose 19% on Friday and hit a day high of Rs 317. Share prices of ITI Limited, a leading telecom and IT company, have been rising for the fourth consecutive trading session. This stock is attracting buyers for the fourth consecutive day.

ITI shares are currently trading above the 5-day, 20-day, 50-day, 100-day and 200-day moving averages. According to exchange data, the PSU stock has jumped 35 percent in the last four trading sessions.

Project worth Rs 3022 crore

ITI's shares rose after the company announced that it had emerged as the L1 bidder for the Rs 3,022 crore BharatNet project for the middle mile network. The company emerged as the lowest bidder for the project in Himachal Pradesh, West Bengal, and Andaman & Nicobar Islands.
 

The company said in a filing,

"ITI Limited, the first post-independence public sector company in the country and a leading telecom manufacturing company, along with its consortium partner has emerged as L1 in BharatNet Phase-3 project for Package No. 8 in Himachal Pradesh and Package No. 9 in West Bengal and Andaman & Nicobar Islands with a total order value of Rs 3,022 crore,"

The filing said, adding that the consortium led by ITI Limited has been successful in these two packages, out of which contracts have been opened for 11 packages to date, taking the total number of packages to 16 across the length and breadth of the country.

ITI Limited Share Price History

ITI Limited is a public sector company. According to analysts, the PSU stock has given a positive return of 9 percent in the last one year. In the last two years, this stock has jumped 169 percent, which has benefited investors. The market capitalization of the company is Rs 28,610.41 crore.