Railtel shares surged more than 7%, hitting a new 52-week high. Here’s why:
The order is related to the construction of a comprehensive signaling and communication system in the Yermaras-Nalwar section of the Guntakal section of the South Central Railway, according to a company filing dated December 28 on Thursday. It was revealed.
Railtel’s price action was supported by strong volume movement as over 7.1 million shares were traded on the NSE at 9:45 am. The transaction value of the stock is 25.331 billion won.
This multibagger counter has returned over 180% in 2023, significantly outperforming the Nifty, which has delivered an impressive 19% return in one year.
According to Trendlyne, the stock is currently trading above its 50-day and 200-day simple moving averages (SMA). Despite the rally, the stock has shown stability, trading with a one-year beta of 0.20.
Momentum indicators RSI and MFI for the day suggest that Railtel stock is trading in overbought territory. The former is 71.9 and the latter is 80.5, Trendlyne data shows.
Mini Ratna (Category-I) company is a central public sector enterprise and ICT provider. The company is one of India’s largest neutral telecom infrastructure providers, owning a pan-India fiber optic network. The OFC network covers the country’s important towns and cities and several rural areas. It was incorporated on September 26, 2000.RailTel Corporation reported quarterly revenue of Rs 613 crore for the quarter ended September 30, 2023, up 40.5% year-on-year. RailTel Corporation’s net profit for the quarter was Rs 68 crore, up 23.5% year-on-year, TRendlyne said.
(You can now subscribe to our subscription. ETMarkets WhatsApp Channel)
(Disclaimer: Recommendations, suggestions, views and opinions provided by experts are their own and do not represent the views of The Economic Times.)
