ITI shares rose 6% on February 22 after Rajesh Rai took over as the company’s chairman and managing director.

The Indian government has appointed Rai as the telecom solutions provider’s CMD for a five-year term effective February 21. He will remain in office until his pension or further orders come first.

Marketing Director Rakesh Chandra Tiwari has overseen the CMD product portfolio. By government order, he waived the additional cost of CMD and will continue as ITI’s Marketing Director.

Rai is a seasoned telecommunications domain expert with over 30 years of experience in the telecommunications industry. Before joining ITI, Rai was the General Manager of Mahanagar Telephone Nigam (MTNL), Mumbai.

“My focus will be increasing production and doing everything I can to increase the company’s revenue and make it one of the best places to work for my employees,” said the electrical engineering graduate. He has an MTech in Computer Science and an MBA from FMS, University of Delhi.

ITI has narrowed its loss in the December quarter of FY23 to Rs 87.61 crore from a loss of Rs 92.61 crore a year ago, as EBITDA losses narrowed to Rs 34.67 crore from Rs 37.74 crore last year.

Consolidated operating income remained firm at Rs 256.35 crore, up 87% from the same period in the previous financial year.

ITI was trading at Rs 103.05 on NSE, up 6.07% on substantial volume. The stock rebounded sharply after three straight days of losses, notching its biggest one-day gain since November 2022.