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RailTel Corp secures order worth Rs 22 cr

Capital Market 

RailTel Corporation of India said it has received an order worth Rs 22.39 crore from Centre For Railway Information Systems for setting up 3 way DR of FOIS.

Freight Operations Information System (FOIS) is the Management Information System (MIS) used in Indian Railways for its freight business.

The company's board will consider Q2 results on 11 November 2021. RailTel Corp's consolidated net profit jumped 29.2% to Rs 21.13 crore on 20.6% increase in net sales to Rs 304.74 crore in Q1 June 2021 over Q1 June 2020.

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. The Optical Fibre Cable (OFC) network covers important towns & cities of the country and several rural areas. The Government of India held 72.84% stake in the company.

Shares of RailTel Corp 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 of Rs 94. The issue 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.

Following the announcement, shares of RailTel Corporation of India rose 0.52% at Rs 125.65.

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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, November 10 2021. 10:58 IST