RailTel Corporation of India shares surged by 9.6% to an intraday high of Rs 339.50 on the BSE in early trading on Monday, March 24, following the company’s announcement of winning a Rs 25.15 crore work order from Hindustan Petroleum Corporation Ltd (HPCL).
In a regulatory filing, RailTel Corporation stated, “Pursuant to Regulation 30 read with Part A (B) of Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we inform that RailTel Corporation of India Ltd. has received a work order from Hindustan Petroleum Corporation Limited worth Rs 25,15,24,500 (excluding tax).”
The contract involves providing Multi-Protocol Label Switching/Internet Leased Line (MPLS/ILL) services over a five-year period, according to an ET report. It is a rate contract for renewing existing MPLS/ILL links and adding new connections as needed, based on feasibility. The project’s timeline spans from April 1, 2025, to March 31, 2030.
Despite the recent jump, RailTel shares have faced a decline over the past year, falling by 6.47%. Year-to-date (YTD), the stock is down by 16.80%. Over the past six months, it has dropped by 27.39%, and in the last three months, the stock has fallen by 15.26%. However, in the past month, shares have risen by 9.22%.
At 2:44 pm, the share of RailTel were trading at Rs 328 with 6.10% increase from today’s opening price at 318.
RailTel’s technical performance
The stock is currently trading above its short- and medium-term exponential moving averages (DEMA) for 10, 20, and 50 days. However, it remains below its long-term moving averages (100 and 200 DEMA). The Relative Strength Index (RSI) stands around 52, indicating neutral momentum, according to Trendlyne data.
