RailTel Corp gains on securing a order

RailTel Corporation of India rose 1.34% to Rs 143.70 after the company received a work order amounting to Rs 16.99 crore from Central Mine Planning & Design Institute.

The contract entails providing MPLS-VPN connectivity for implementation of ERP and TPASS services for HD Video Conferencing facility for a period of 5 years on rental basis.

RailTel Corporation of India’s consolidated net profit jumped 19.4% to Rs 27.21 crore on 9.5% increase in net sales to Rs 429.82 crore in Q4 March 2021 over Q4 March 2020.

RailTel, a “Mini Ratna (Category-I)” Central Public Sector Enterprise is an information and communications technology (ICT) provider and one of the largest neutral telecom infrastructure providers in the country owning a pan-India optic fiber network on exclusive Right of Way (ROW) along Railway track. The Optical Fibre Cable (OFC) network covers important towns & cities of the country and several rural areas.

Shares of RailTel Corporation were listed on the stock exchanges on 26 February 2021. The stock was listed at Rs 104.60, a premium of 11.28% to the initial public offer (IPO) price. The issue was subscribed 42.39 times. The issue opened for bidding on 16 February 2021 and closed on 18 February 2021. The price band for the IPO was set at Rs 93-94 per share. Capital Market