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RailTel shares surge 8% on securing Rs 482 crore projects

Shares of RailTel Corp. were up nearly 8% in early trade on Monday after it bagged projects worth Rs 482 crore.

The company received a work order worth Rs 130 crore from the Bihar Education Project Council on Saturday, according to an exchange filing.

The company was also selected through a bid process for execution and maintenance of a project across the health units of the Brihanmumbai Municipal Corp. for approximately Rs 352 crore.

RailTel’s stock rose as much as 7.97% during the day to Rs 378.70 apiece on the National Stock Exchange. It was trading 1.8% higher at Rs 357.3 apiece, compared to a 0.17% decline in the benchmark Nifty 50 as of 9:53 a.m.

The share price has risen 249% in the last 12 months. The total traded volume so far in the day stood at 1.6 times its 30-day average. The relative strength index was at 42.

One out of the three analysts tracking the company has a ‘buy’ rating on the stock and two suggest ‘sell’, according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 253%. Bloomberg

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