Railway Stock Gains 3% After Winning ₹81 Cr Order

Railtel Corporation shares gained 3% on Monday morning after the company reported a ₹81 crore order win.

What Happened: The Miniratna PSU company under the Railway Ministry won a ₹81.45 crore order from National Informatics Centre Services. According to the regulatory filing, the company has to enable ICT for the Supreme Court of India Data Centre. The contract has to be executed by August 31, 2024. 

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Railtel in May had won a ₹17.21 crore order from the Defence Research And Development Organisation (DRDO) to the hiring of IT resources for Managing & Sustaining IT services. This was a 3-year contract. 

In its March quarterly results, the company's net profit rose 3.04% to ₹77.53 crore from ₹75.24 crore in the corresponding quarter of the previous year. Its revenue from operations gained 19.39% to ₹832.70 crore from ₹697.46 crore. The company’s total expenses also rose 18.80% to ₹762.26 crore.

Price Action: Shares of Railtel surged 3.30% in the early morning session to ₹391.15. The stock has gained 198% in the last 1 year.

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