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RailTel Corp rises after winning orders

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RailTel Corporation of India rose 1.31% to Rs 124.20 after the PSU company received work orders from multiple clients.

The company bagged an order worth to Rs 22.38 crore from Controller General of Defence Accounts for setting up network operation centre.

It also received order amounting to Rs 11.99 crore from Axom Sabra Siksha Abhiyan Mission for deployment of artificial intelligence based identification system for capturing attendance and management of SDMIS.

RailTel Corporation of India, a public sector undertaking under the Ministry of Railways (MoR), Government of India, is an information and communications technology (ICT) infrastructure provider and is one of the largest. The company posted a 61.1% rise in consolidated net profit to Rs 69.66 crore on a 52% jump in net sales to Rs 410.6 crore in Q3 FY21 over Q3 FY20.

Shares of RailTel Corporation were listed on the stock exchanges on 26 February 2021. The stock was listed at Rs 104.60, a premium of 11.28% to the initial public offer (IPO) price.

The IPO of RailTel Corporation of India was subscribed 42.39 times. The issue opened for bidding on 16 February 2021 and closed on 18 February 2021. The price band for the IPO was set at Rs 93-94 per share.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Wed, April 07 2021. 13:30 IST