Shares of ITI Ltd rose 1.5% to touch a day’s high of Rs 325.35 on 24th June. This came after the company announced it had received the final Rs 25 crore tranche from the Centre for Development of Telematics (C-DOT). It completed the Rs 200 crore land transaction for its 22.258-acre property in Electronic City, Bengaluru.

The payment also concludes proceedings under the Alternate Mechanism for Resolution of Commercial Disputes (AMRCD). It settles the long-standing land dispute between the two public sector entities. The land transfer is being formalized through a sale deed. This is as per the revised AMRCD order disclosed on 12th July 2024.

ITI has now received the entire Rs 200 crore as per the revised agreement with C-DOT.

On the earnings front, ITI narrowed its net loss to Rs 4.4 crore in the March quarter. This was compared to a loss of Rs 238.8 crore a year ago. The improvement was partly driven by an exceptional gain of Rs 62.41 crore.

Revenue rose 74% year-over-year to Rs 1,045.7 crore, up from Rs 601 crore in the same period last year. EBITDA loss also reduced significantly to Rs 28.2 crore from Rs 173.8 crore.

At 10:05 AM, the shares of ITI Ltd were trading 1.71% higher at Rs 320.75 on NSE.

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