RailTel Corporation of India jumped 5.4% to Rs 137.60 after the PSU company received a work order amounting to Rs 153.15 crore from Central Coalfields.
The order entails establishment of MPLS-VPN Network of higher Bandwidth on rental basis for 5 years. The announcement was made during market hours today, 22 March 2021.Shares of RailTel Corporation also witnessed bargain hunting after dropping 12% in the past six trading sessions to settle at Rs 130.55 on Friday, 19 March 2021, from its recent closing high of Rs 148.35 on 10 March 2021.
On the technical front, the stock's RSI (relative strength index) stood at 57.358. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
RailTel Corporation of India, a public sector undertaking under the Ministry of Railways (MoR), Government of India, is an information and communications technology (ICT) infrastructure provider and is one of the largest.
The public sector undertaking posted a net profit of Rs 45.58 crore and total sales of Rs 537.40 crore in six month ended September 2020.
Shares of RailTel Corporation were listed on the stock exchanges on 26 February 2021. The stock was listed at Rs 104.60, a premium of 11.28% to the initial public offer (IPO) price.
The IPO of RailTel Corporation of India was subscribed 42.39 times. The issue opened for bidding on 16 February 2021 and closed on 18 February 2021. The price band for the IPO was set at Rs 93-94 per share.
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