ITI, a Central Public Sector Undertaking under the Ministry of communication and IT, has bagged two advance purchase orders from Bharat Sanchar Nigam (BSNL) amounting to Rs 29.84 billion.

These orders are part of Network For Spectrum (NFS) project for setting up of optical fiber network throughout India.

The company said, "ITI is the only central public sector undertaking to bag two packages out of seven packages for NFS tender against stiff competition from multiple players.

These are the biggest orders ITI has ever got by competing in an open tender, said a press release from the Bangalore-based ITI.

Incidentally, these are the first major purchase orders received after the approval of the revival package of ITI by Cabinet Committee on Economic Affairs and will open the doors for turning around the company."

Shares of the company gained Rs 2.75, or 9.89%, to settle at Rs 30.55. The total volume of shares traded was 437,110 at the BSE (Tuesday).