Stock market today: Railtel share price jumps 7%. Is this a stock to buy today?

Stock market today: After announcing an order win worth ₹52.66 crore from the Uttar Pradesh Police Recruitment And Promotion Board, Railtel's share price witnessed a sharp upside during early morning deals on Dalal Street. Railtel's share price today opened with an upside gap at ₹478.90 apiece on the NSE and touched an intraday high of ₹52.65, logging an intraday rise of nearly 7 per cent within a few minutes of the Opening Bell.

According to stock market experts, Railtel Corporation has won an order worth ₹52.66 crore, which has created a short-term buzz for Railtel shares. They said that Railtel Corporation had delivered comparatively better quarterly numbers against its peers during Q1FY25. So, one can buy and hold Railtel shares for the near-term targets of ₹525 and ₹550.

Triggers for Railtel share price rally

On why is Railtel share price rising, Avinash Gorakshkar, Head of Research at Profitmart Securities, said, “The immediate reason for the rise in Railtel shares can be attributed to its latest order win from the Uttar Pradesh Police Recruitment And Promotion Board. This order is worth ₹52.66 crore. However, the company has reported better Q1FY25 results than its peers. So, any such positive developments are expected to work as a trigger for the railway PSU stock.”

Railtel share price target

Sumeet Bagadia, Executive Director at Choice Broking, expects more upside in Railtel shares. “On the technical chart, Railtel share price has turned sideways to bullish. So, Railtel shareholders can hold the scrip for near-term targets of ₹525 and ₹550. However, they must maintain stop loss at ₹470.”

On the suggestion of fresh investors, Bagadia said, “Fresh investors can buy Railtel shares at the current market price for the short-term targets of ₹525 and ₹550, maintaining a stop loss of ₹470.”

Railtel news

In an exchange filing on Thursday, Railtel Corporation Ltd said, "This is to inform that RailTel Corporation of India Ltd. ("the Company") has received the work order from Uttar Pradesh Police Recruitment And Promotion Board for Service amounting to Rs. 52,66,30,075 (Excluding Tax)."

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.