ITI Ltd is the top gainer on the BSE, zooming up almost 19.5% to hit a new high at Rs.107.90, which is also not too far from its 20% UC of the day at Rs.108.45. Volumes have spiked up 8.5 times.
The reason? The news is that the Department of Telecom (DoT) has asked BSNL and MTNL to exclude all Chinese-made gearmakers used for the manufacture of 4G telecom equipments.
Even the private sector makers have been asked to desist from using products from Chinese companies.
Obviously this is a reaction to the ongoing tensions between India and China and is bound to impact most of the decision making currently.