Railway Stock News: The Narendra Modi government has once again come to the center. PSU related shares will once again be in focus in this new government. One such share belongs to a railway related company – Railtel Corporation of India. The stock has received approval from National Informatics Center Services Incorporated (NICSI) for ICT infrastructure.
Order details
The order is for supply, installation, configuration, commissioning and integration of ICT infra. Apart from this, the company will also manage and maintain the ICT infrastructure. The project will be completed by August 31, 2024, the company told the stock exchange.
Earlier in March, the company received an order worth ₹351.95 crore from the Greater Mumbai Municipal Corporation. At the same time, work worth ₹130 crore was received from the State Project Director of the Bihar Education Project Council. Similarly, the company won two orders worth ₹114 crore and ₹87 crore in Odisha.
Shares of Railtel rose 0.15% to close at ₹ 378.50 on Friday. The stock is about 23% below its 52-week high of ₹491. In February 2024, this share went to the level of 491 rupees. In June 2023, the share price was Rs 123.05. The stock is at a 52-week low. Let us tell you that during the second tenure of the Modi government at the Centre, this stock has given multibagger returns to the investors.
Company Quarterly Results
In the March quarter, Railtel Corporation’s profit rose three percent to Rs. 77.53 crores. The company’s profit in the same quarter of FY 2022-23 was Rs 75.24 crore. The total revenue of the ‘Mini Ratna’ company under the Ministry of Railways was Rs 852 crore in the March quarter, compared to Rs 707.29 crore in the same quarter of 2022-23. The total revenue of the company in the entire previous financial year was Rs. 2,622 crore while the profit was Rs. 246 crores.