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ITI shares jump

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INDIA

Telecom gear maker ITI Ltd jumped after the government extended until September 2010 a requirement for state-run telecoms to source 30 percent of equipment orders from it.

Shares in the counter jumped almost 17 percent to a 52-week high of 53.20 rupees before ending 11.2 percent higher at 50.65.

ITI ended the day with a volume of over 6 million shares, against an average volume of 275,680.41 for the month of December.

The telecoms ministry is working on a revival package for ITI and state-run BSNL and MTNL will have to pay 70 percent in advance for orders with ITI to meet the equipment maker’s working capital needs.

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