 "RailTel")
Shares of RailTel Corporation of India surged by 8.8 per cent at Rs 418.50 per share on the BSE in Tuesday’s intraday trade. The stock extended its rally from the previous day, and has rallied 10.5 per cent in the last two trading sessions.
Tuesday’s surge in the stock price came after the state owned railway telecom company received a fresh order worth Rs 11.23 crores from the Ministry of Defence. The order involves creation of RailTel PoP at the customers site and is scheduled to be executed by June 2025.
Last week on Saturday, the company had received another order worth Rs 81.45 crores from National Informatics Centre Services. The contract order involves Supply, installation, configuration, commissioning and integration of ICT infrastructure. While also subsuming operation and maintenance of the ICT infrastructure.
The share price of RailTel have zoomed 39.5 per cent in the last six months, whereas gaining 312 per cent in the last one year.
At 13:23 PM; the stock of the company rose 8 per cent at Rs 415.10 per share. By comparison, the BSE Sensex rose by 0.28 per cent.
Formed in 2002, to modernise train control operation and safety system of Indian Railways, RailTel is an Indian public sector enterprise which provides broadband and VPN services.
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Meanwhile, other railway stocks such as the Ircon International, IRCTC, IRFC, Rites and RVNL, rose by 6 per cent, 5 per cent, 1.91 per cent, 3.3 per cent and 4 per cent, respectively.
Container Corporation of India, Titagarh Rail Systems, BEML, and Jupiter Wagons soared between 1-3 per cent each in intraday deals on Tuesday.
The positive momentum for the railways stocks came after investors saw continuity of Ashwani Vaishnav as the Indian Railway Minister in the NDA government on Monday. Vaishnav, who held the railway ministry for 2 years and 11 months has also been assigned portfolios of Minister of Electronics and Information Technology and Minister of I&B in the new cabinet of Prime Minister Narendra Modi.
