 "RailTel zooms 6% after bagging order worth Rs 144.88 cr from Gujarat Govt")
Shares of RailTel Corporation of India surged 6 per cent at Rs 420.75 a piece on the NSE. The stock price jumped on Thursday after the company bagged an order worth Rs 144.88 crore from the Home Department of Government of Gujarat.
The company received the order for supplying, installing, commissioning and operations maintenance of CCTV video surveillance systems at various branches LCB SoG cyber police station and LIB and police stations for Cluster 1, 2 and 3, the company said in a regulatory filing on Thursday. The company stated that it will execute the order by May 21, 2025.
Earlier on Tuesday the company had bagged another order worth Rs 36.78 crore from South Eastern Railway for provision of electronic interlocking system and signalling arrangements at Bondamunda K, Bondamunda D & Bondamunda E & J Cabins, the company had said.
On August 30 this year, the government upgraded Railtel Corporation of India to 'Navratna' status, as announced by the Department of Public Enterprises (DPE). RailTel becomes the 22nd Navratna Central Public Sector Enterprise (CPSE) in the country, with an annual turnover of Rs 2,622 crore and a net profit of Rs 246 crore for FY24.
Navratna status grants companies enhanced decision-making capabilities, improved efficiency, and greater empowerment. Public Sector Utilities (PSUs) are classified into three categories: Maharatna, Navratna, and Miniratna. The 'Navratna' classification is awarded to government-owned enterprises that were previously in the 'miniratna' category I, recognizing their exceptional financial and market performance.
The Navratna scheme was initiated in 1997 to identify CPSEs with competitive advantages and to support their growth into global leaders. Companies with Navratna status enjoy the autonomy to establish joint ventures abroad, enter new markets, and leverage local expertise.
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The company has a total market capitalisation of Rs 22,233.33 crore. Its shares are trading at a price to earnings multiple of 59.42 times.
At 11:09 AM, the stock price of the company was up 4.30 per cent at Rs 413.80 a piece on the NSE. By comparison, the NSE’s Nifty50 fell 0.14 per cent to 24,400.10 level.