Shares of Railtel Corporation of India surged 10% to Rs 449 during afternoon trading on October 16, after the company secured a Rs 79.8 crore order from the Maharashtra Housing and Area Development Authority (MHADA). The contract involves establishing, migrating, and managing cloud-based data centers and disaster recovery sites for MHADA.
Despite a 21% decline over the past three months, Railtel shares saw a boost with this new order. The company recently achieved ‘Navratna’ status, signifying its elevated rank among top public sector enterprises, following an annual turnover of Rs 2,622 crore and a net profit of Rs 246 crore in FY24.
In September, it got a Rs 156 crore order from Maharashtra Rural Development for projects in Konkan, Pune and Nashik. Railtel, the railway PSU, said its net profit surged 25.2% to Rs 48.7 crore for the quarter ended June 2024, while revenue from operations rose 19.4% year-on-year to Rs 558.1 crore.
Shares of Railtel traded at Rs 440, up 8% from the previous close, at 12:50 pm on the NSE. The company expects 9–10% growth in telecom revenue for the year and overall revenue growth of 25–30% in FY25.
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Source: Moneycontrol
News Desk
