RailTel Corp gains on bagging BMRCL order

RailTel Corporation of India rose 2.07% to Rs 115.90 after the company received work order worth Rs 27.07 crore from Bangalore Metro Rail Corporation (BMRCL) for supply, installation, testing and commissioning of the IT network infrastructure.

BMRCL is a joint venture of Government of Karnataka and Government of India. The company said that the period of completion of the work is 3 months.

Further, the company also secured comprehensive annual maintenance contract (CAMC) amounting to Rs 6.22 crore per year for 5 years, extendable to 10 years.

RailTel, a "Mini Ratna (Category-I)" Central Public Sector Enterprise is an information and communications technology (ICT) provider and one of the largest neutral telecom infrastructure providers in the country owning a pan-India optic fiber network on exclusive Right of Way (ROW) along Railway track. As on 31 Dec 2022, the Government of India holds 72.84% stake in the company

The company's consolidated net profit declined 51.6% to Rs 31.95 crore despite of 8.8% rise in net sales to Rs 454.32 crore in Q3 FY23 over Q3 FY22.

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