RailTel shares surge over 12% after securing major contract

By Aditya Bhagchandani Published on June 21, 2024, 13:11 IST Last updated June 21, 2024, 13:12 IST

Shares of RailTel Corporation of India jumped over 12 percent to Rs 488 per share on June 21, nearing its 52-week high of Rs 491. This surge follows the announcement of a work order from South Central Railway worth Rs 20.22 crore.

So far this year, RailTel shares have risen by over 44 percent, significantly outperforming the benchmark Nifty 50 index, which has increased by 8 percent during the same period.

In an exchange filing, RailTel revealed that the work order involves telecommunications work for the provision of IP-MPLS in 523 RKM of the Secunderabad division of South Central Railway. The project is scheduled to be completed by June 18, 2025.

As of 1:10 pm, RailTel shares were trading 9.25 percent higher at Rs 474.65 on the NSE.

Aditya Bhagchandani

Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.