ITI Shares Soar 13% on Rs 3500 Cr Land Sale Plan to Clear Debts

• ITI shares surged 13% to Rs 331.75 on news of a Rs 3,500 crore land sale plan.
• The company plans to sell 91.43 acres of land in Bengaluru to repay Rs 1,325 crore bank debt and Rs 339 crore employee dues.
• Union Minister Pemmasani Chandrasekhar confirmed the land sale discussions in Lok Sabha, responding to MP Tejasvi Surya.
• Four plots are identified for sale, including a 44.03-acre plot valued at Rs 1,651.20 crore and a 21-acre plot for GST Department.
• Despite the initial surge, shares closed 5.3% higher due to profit-booking; ITI has an order book of Rs 18,746 crore.

Why It Matters: ITI plans Rs 3500 Cr land sale in Bengaluru to clear debts, boosting shares.