RailTel Corporation share price extends gain for the second straight session; up over 168% in 2023

  • RailTel Corporation stock is in an uptrend, according to technical analysts, with volume action indicating potential for continued growth. RailTel Corporation share price surged 168.79% in the past year, outperforming its sector by 134.19%.

Dhanya Nagasundaram
Published1 Jan 2024, 10:01 AM IST
RailTel Corporation share price today opened at  <span class='webrupee'>₹</span>340.40 apiece on BSE.
RailTel Corporation share price today opened at ₹340.40 apiece on BSE.

RailTel Corporation of India Ltd share price continued to rise for the second straight session on strong volumes. RailTel Corporation share price surged by more than 7.5%, touching a new all-time high of 363.65 on the BSE. RailTel Corporation share price today opened at 340.40 apiece on BSE. According to technical analysts, the RailTel Corporation of India Ltd share price volume action indicates that the stock is in an uptrend that could continue.

“Technically the next resistance is near 450 levels and positional support would be near 300 and immediate support at 340. Overall trend remains positive for targets would be 400 & 450 on charts,” said Prashanth Tapse, Research Analyst, Senior Vice President of Research at Mehta Equities.

As per trendlyne data, RailTel Corporation share price rose 168.79% and outperformed its sector by 134.19% in the past year.

Following back-to-back work orders this week, Indian Railways' public-sector undertaking (PSU) stock saw a lock-in at more than 16 percent upper circuit on Friday, reaching a 52-week high of 348 per share on the BSE.

Also Read: Indian Railways' PSU stock locked at 16% upper circuit to hit 52-week high on winning back-to-back orders

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Last week, the stock rose sharply due to back-to-back order wins. RailTel Corporation of India Ltd received orders totalling 263.47 crore in the final week of December. In a disclosure to the exchange, the company stated that it has obtained a work order worth 66.83 crore from N F Railway Construction for the provision, setup, testing and commissioning of an integrated tunnel communication system, emergency call systems in tunnels and IPIS at stations in the Bhairabi-Sairang New Single line Section of Lumding Division.

The Bihar Education Project Council also sent the company a work order for the supply of instructional materials for classes I through III under a rate contract worth 76.19 crore.

Also Read: Yes Bank shares cheer New Year after receipt of 150 crore from NPA portfolio sale. Experts see more upside

The South Central Railway awarded the company a work order worth 120.45 crore for complete signalling and telecommunication works for the installation of an automated block signalling system in the Guntakal division's Yermaras-Nalwar section.

Given that 2024 is an election year and the BJP has already won the state elections, analysts predict that the railway and defence industries will continue to see rapid expansion.

Analysts predict that if the BJP wins the upcoming 2024 election for a third time, massive sums of money will be set aside for these sectors and would remain in high focus towards growth because the party has historically given priority to the railway and defence industries.

In the September quarter of the current fiscal year, RailTel reported a 23.4% increase in profit. In a regulatory filing made on October 26, RailTel reported a 40% increase in revenue, or 599.2 crore, and a net profit of 68.15 crore.

Also Read: Bajaj Auto December sales grow 16% YoY to 3.26 lakh units; two-wheeler sales up 15%

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.

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News in Numbers

Numbers that help you understand news better
₹68,885 Cr

3.15L

48%

₹6.7 T

$240.5 M

$459 M

$3 B

₹588.25 Cr

₹20,000 Cr

7.93 Cr

₹8,943 Cr

10%

20 Yrs

First Published:1 Jan 2024, 10:01 AM IST
HomeMarketsStock MarketsRailTel Corporation share price extends gain for the second straight session; up over 168% in 2023

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