This is great news for Itron (ITRI) today. Its subsidiary Actaris has won a joint contract with Arad Technologies of Israel to provide 150K water meters to the city of Mumbai which is half of an expected 300K order. The total project of installing 1.2 million water meters throughout Mumbai is expected to come at a cost of $128 million. Both companies expect to receive follow on orders for the project because of the complexities of integration between competing technologies, so this could be the first of several orders for Actaris. The two companies will split the revenue 50/50.
ITRI is up about 1% today after reversing sharply off the 20 day moving average and has been in a strong uptrend since October.