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RailTel Corporation of India's stock has surged by 23.60% over two consecutive trading sessions following the company's announcement of securing a significant order from South Central Railway. The order, valued at Rs 120.45 crore, pertains to telecommunication work in the Yermaras-Nalwar section of Guntakal division. The scope of the order encompasses comprehensive signalling and telecommunication works for the provision of an automatic block signalling system in the specified section, and the project is expected to be completed within 720 days.
RailTel a "Mini Ratna (Category-I)" central public sector enterprise, is one of the largest neutral telecom infrastructure providers in the country owning a Pan-India optic fiber network covering several towns & cities and rural areas of the country. As on September 2023, the Government of India held 72.84% in the company.
The company reported 23% rise in net profit to Rs 68.15 crore on a 40% increase in revenue from operations to Rs 599.15 crore in Q2 FY24 as compared with Q2 FY23.
The RailTel stock has risen 22.46% in one month, 62% in three months and 189% in one year.
On the technical front, the stock's daily RSI (relative strength index) stood at 77.09. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
On the daily chart, the stock was trading above its 50 day, 100-day and 200-day simple moving average (SMA) placed at 270.16, 238.66 and 181.49, respectively. These levels will act as crucial support zones in near term.
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