Share of Railtel Corporation of India jumped 10 percent to Rs 449 in the afternoon trade on Wednesday, October 16, after securing a Rs 79.8 crore order from Maharashtra Housing And Area Development Authority (MHADA).
The telecom company announced that it will establish, migrate, and manage cloud-based data centre and disaster recovery sites for MHADA under the new contract. Railtel shares have slipped 21 percent in the past three months.
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Railtel was recently elevated to 'Navratna' status by the government on August 30, joining the ranks of top public sector enterprises. The company reported an annual turnover of Rs 2,622 crore and a net profit of Rs 246 crore for FY24, giving it enhanced decision-making power and operational freedom.
In September, Railtel also bagged a Rs 156-crore order from Maharashtra Rural Development to operationalize ASSK-GP projects across the Konkan, Pune, and Nashik regions.
In the June 2024 quarter, RailTel posted a 25.2 percent year-on-year rise in net profit to Rs 48.7 crore, with revenue from operations growing 19.4 percent YoY to Rs 558.1 crore.
The railway PSU forecasts telecom revenue to grow by 9–10 percent, with project revenue expected to reach Rs 2,000 crore, driving overall revenue growth of 25–30 percent in FY25.
At about 12:50 pm, shares of the company were trading at Rs 440, higher by 8 percent from the last close on the NSE.
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