ITI to spend $1.6 million to boost capacity

Indian Telephone Industries (ITI) Ltd will spend 70 million rupees ($1.6 million) by September to boost its GSM phone line capacity in the world's fastest growing major wireless market, the government said on July 06.
The ITI surged as much as 11.75 percent on the news to a new three-year high of 42.80 rupees on the Bombay Stock Exchange. The stock was ranked fifth on the exchange's top trading list in terms of volume.