RailTel Corporation hits fresh high on securing new order worth Rs 700 crore

8 Aug 2023 , 11:39 AM

RailTel Corporation of India’s stock jumped more than 3% in early trade on August 8 to a 52-week high of Rs 182.65 after the business obtained a work order for Rs 700 crore. 

The company was awarded a contract by Pimpri Chinchwad Smart City Limited (PCSCL) to provide end-to-end services for the monetization of the PCSCL City Network Infrastructure on a revenue-sharing basis.

Further, RailTel Corporation obtained a Rs 78.58 crore order from the Centre for Railway Information Systems (CRIS) on August 2 for the procurement of cloud infrastructure for Indian Railways’ Next Generation Passenger Reservation System (PRS).

The company’s net profit increased by 49.36% in Q1FY24 to Rs 37.46 crore from Rs 25.08 crore in Q1FY23. Its standalone income from operations was Rs 463.46 crore in Q1FY24, up 25% year-on-year (YoY) from Rs 370.46 crore in the previous corresponding year.

At around 11.35 AM, RailTel Corporation was trading 0.92% higher at Rs 174.60, against the previous close of Rs 173 on NSE.

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