Shares of ITI Ltd surged by 3% on Tuesday, 19 November, after the company announced securing a contract for the Mining Digital Transformation & Surveillance System (MDTSS) project for about Rs 95 crores by the Directorate of Geology & Mining, Government of Uttarakhand.

The Uttarakhand government envisioned this initiative as a way to boost state revenue and effectively prohibit illicit mining and mineral transit.

The company will be responsible for the creation, implementation, and upkeep of MDTSS for 40 check gates in the districts of Dehradun, Haridwar, Udham Singh Nagar, and Nainital as part of this contract.

Using bullet cameras, RFID radars, and LED floodlights, the new system will not only monitor illegal mining operations but also boost state government revenue.

Along with a Mining State Control Centre (MSCC) in Dehradun, the company also stated that micro command centres would be set up at district headquarters in Haridwar, Nainital, Udham Singh Nagar, and Dehradun.

Earlier, the company, along with its consortium has emerged as the lowest bidder (L1) for a total consideration of Rs 4,559 crore for Package Nos. 8, 9, and 15 of the BharatNet Phase-3 Project, which includes Arunachal Pradesh, Nagaland, Manipur, Himachal Pradesh, West Bengal, and the Andaman & Nicobar Islands.

The company reduced its consolidated losses from Rs 126 crore in the same period of the previous fiscal year to Rs 70.3 crore in the September quarter. On the other hand, its income increased 312.3% to Rs 1,016.2 crore from Rs 246.5 crore in the previous year.

At 11:38 am, the shares of ITI were trading 1.24% higher at Rs 295 on NSE.

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