ITI Ltd has clarified with reference to the news item appearing in a leading web portal titled "BSNL / MTNL will be allotted one slot of 3G spectrum today; Reserve price for auctions for pan India 3G spectrum will be Rs 2020 Cr; Only 2-3 operators will get 3G spectrum for Mumbai and Delhi".
To overcome the financial constraints of the Company, a revival proposal was submitted to the Government of India. The Ministry referred the same to BRPSE and is under their consideration.
Meanwhile, as per the communications from the Department of Telecommunications, ITI had made a presentation of its case of merger with BSNL on July 17, 2008. The matter is still under examination of the Government.
The stock closed the day at Rs.40.85, up by Rs.3.70 or 9.96%. The stock hit an intraday high of Rs.40.85 and low of Rs.36.
The total traded quantity was 512013 compared to 2 week average of 404886.
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