Stock Report

ITI Limited receives Letter of Intent (LOI) from Government of Maharashtra Worth Rs. 400 Crores

Posted On : 2021-11-20 17:29:59( TIMEZONE : IST )

ITI Limited has received a Letter of Intent (LOI) from Urban Development Department, Government of Maharashtra for the implementation of a centralized monitoring system based on information and communications technology (ICT) for solid waste management procedures in all urban local bodies of Maharashtra. The value of this contract is Rs. 400 Crores. This project will run for a period of seven years.

The scope of work of includes:

- Design, development, deployment & implementation of household/commercial waste collection monitoring technology for door-to-door collection of each household/commercial/other properties.

- Providing and supplying of scanify code stickers on each household/commercial establishment/other properties under jurisdiction of municipal corporation/municipal council.

As part of this contract, the Team headed by technical experts will visit each household/commercial/Waste collection points/other properties in the Municipal Corporation/Municipal Councils for geo tagging of each household/commercial/other property on the map.

Registration of households/commercial/other properties will be done in the software. Artificial Intelligence (AI) techniques for analysis of garbage collected data on daily basis with time stamp and geo-tagging will also be adopted. Machine learning process to be implemented for garbage collection pattern collected from each household & dumped at dump yards.

Speaking on this occasion Mr. Rakesh Mohan Agarwal, Chairman & Managing Director, ITI Limited said, "We are delighted to foray into this new sector of solid waste management using our expertise in ICT and are proud to contribute towards 'Swachh Bharat Abhiyaan'. Mr. Agarwal added, "The mission will be completely digital, leveraging digital technology for complete transparency and accountability through GIS-mapped waste management infrastructure, robust user-interface, and progress monitoring on integrated GIS-based platform. Use of technology in solid waste management will be a small step towards realising the country's aspiration to make all Indian cities garbage-free, and ITI is proud to collaborate with Government of Maharashtra in this area", he said.

Shares of ITI Limited was last trading in BSE at Rs. 118.15 as compared to the previous close of Rs. 121.30. The total number of shares traded during the day was 12889 in over 551 trades.

The stock hit an intraday high of Rs. 120.65 and intraday low of 117.35. The net turnover during the day was Rs. 1526141.00.