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Business News/ Markets / Stock Markets/  RailTel Corporation stock extends winning streak for 3rd straight day, gains 8% on 352 crore order win
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RailTel Corporation stock extends winning streak for 3rd straight day, gains 8% on ₹352 crore order win

RailTel Corporation of India's shares surged by 8% to reach 378.70 apiece after securing a ₹352 crore order from the Municipal Corporation of Greater Mumbai for HMIS. The company has recently received multiple orders, leading to a 14% gain in shares over two trading sessions.

Presently, RailTel's optic fibre network spans over 61000+ route kilometres and connects 6108+ railway stations across India. (Pixabay)Premium
Presently, RailTel's optic fibre network spans over 61000+ route kilometres and connects 6108+ railway stations across India. (Pixabay)

Shares of RailTel Corporation of India continued their winning streak for the third consecutive trading session on Monday, surging by 8% to reach 378.70 apiece after the company, in an exchange filing on Sunday, said that it secured an order worth 352 crore. 

This order is from the Municipal Corporation of Greater Mumbai for the supply, installation, testing, commissioning, operations, & maintenance of HMIS for the Health Department of BMC. 

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Notably, this marked the third order received by RailTel within a week. The company on Saturday garnered a 130 crore work order from the State Project Director (SPD) of the Bihar Education Project Council (Bepc) for the supply of teaching-learning material for Class I to V under a rate contract. 

Furthermore, on March 14th, the company secured a significant work order worth 113.46 crore from the Odisha Computer Application Centre ("OCAC") to establish IP-MPLS network connectivity in Odisha under OdishaNet Phase 1.0. 

Another notable order in March was the acquisition of a 87.85 crore work order from the State Transport Authority, Odisha, aimed at upgrading the existing command control centre to a unified command control centre and implementing an intelligent enforcement management system (IEMS). 

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On multiple order wins, the company's shares over the last two trading sessions have gained nearly 14%. The stock ended CY23 with a multi-bagger return of 166%. It has surged by 283%, currently trading at 360 apiece from its issue price of 94.

RailTel categorised as a "Mini Ratna (Category-I)" Central Public Sector Enterprise, operates as a prominent provider of information and communication technology (ICT) services. It stands as one of India's largest neutral telecom infrastructure providers, boasting an extensive optic fibre network that covers both urban hubs and rural areas. 

Established on September 26, 2000, RailTel's main goal was to modernise the existing telecom infrastructure, particularly focusing on enhancing train control, operation, and safety systems. 

Concurrently, it aimed to generate additional revenue streams by developing a nationwide broadband and multimedia network. This endeavour involved strategically laying optical fibre cables along railway tracks, utilising existing right of way. 

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Presently, RailTel's optic fibre network spans over 61000+ route kilometres and connects 6108+ railway stations across India. Additionally, the company's urban coverage extends over 21000+ kilometres nationwide, as detailed on its official website.

Disclaimer: We advise investors to check with certified experts before making any investment decisions.

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Published: 18 Mar 2024, 09:59 AM IST
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