Railway PSU in focus: Railtel shares edges high amid receiving work order from HPCL
On July 12 last year, RailTel had a high of Rs 618. With an issue price of Rs 94 each share, the stock listed in 2021.
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After Hindustan Petroleum Corporation Ltd, a state-run corporation placed an order on Monday, March 24, RailTel Corporation of India Ltd., the state-run railway company, saw surges in shares as much as 9%.
With omitting tax, the Rs 25.15 crore order comprises a five-year contract for the renewal of current MPLS and ILL links and suggested new connections, that may arrive throughout this five-year period, subject to feasibility confirmation. On July 12 last year, this railway PSU had a high of ?618. With an issue price of Rs 94 each share, the stock listed in 2021.
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The shares of railway PSU company peaked in July last year at nearly 6.5x their IPO price. From the record high levels, the stock dropped 57% to reach a current trough of Rs 265 on March 3. Shares of RailTel will have to increase another 84% at the present price to recover their all-time high levels.
At Rs 335.75, RailTel's shares now trade 8.4% higher. Over the past month, the stock has jumped a similar quantum. The shares are down 17% thus far this year, even with this recent comeback.
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