ITI surged 7.99% to Rs 104.75 after the company announced the appointment of Rajesh Rai as chairman and managing director (MD) of the company for period of five years with effect from 21 February 2023.
In an exchange filing, the company stated, The Government of India has appointed Rajesh Rai, general manager (GM) of Mahanagar Telephone Nigam (MTNL) to the post of chairman and managing director of ITI for a period of five years with effect from the date of his assumption of charge of the post i.e. 21 February 2023, till the date of his superannuation, or until further orders, whichever is the earliest.Rajesh Rai has more than 30 years of experience in telecommunication industry. Previously, Rai has served as general manager (Admin) of Mahanagar Telphone Nigam (MTNL), Mumbai.
The company's director marketing, Rakesh Chandra Tiwari has relinquished the additional charge of the post of chairman and managing director effective from 21 February 2023.
ITI is engaged in the field of telecommunications, it has contributed to 50% of the present national telecom network.
The company reported consolidated net loss of Rs 87.61 core in Q3 FY23 as compared with Rs 92.59 crore in Q3 FY22. Net sales jumped 86.7% year on year to Rs 256.35 crore in Q3 FY23.
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