RailTel Corporation Shares Rally 9% Today, Gains 20% in 2 Sessions; Know Why? – News18

RailTel Share Price: Shares of RailTel Corporation of India jumped 9% to Rs 369 in Friday’s trade on BSE after the firm received a Rs 113.46 crore work order from Odisha Computer Application Centre (OCAC). At this price, it has climbed 19.65 per cent in two trading days.

Before this, the counter was in a correction mode due to heavy selling pressure in the small-cap segment amid investors’ concern over excessive valuations in the broader market. RailTel’s stock has slipped nearly 18 per cent during this week.

The order is for setting up IP-MPLS network connectivity in Odisha under OdishaNet Phase 1.0. The project needs to be executed by September 2025, according to the company’s regulatory filing.

RailTel Corporation also recently secured multiple orders on March 4. It received a work order from the State Transport Authority, Odisha, worth Rs 87.85 crore for the upgrade of the existing command control centre to a unified command control centre and the implementation of an intelligent enforcement management system (IEMS) for the State Transport Authority, Odisha.

On February 2, the company was awarded a work order from Prasar Bharati Broadcasting Corporation of India valued at Rs 139 crore for design, development, implementation, operations, and maintenance.

Technical analysts largely suggested that the stock look ‘bearish’ on daily charts. Support could be seen at Rs 336, followed by Rs 325, Rs 300 and Rs 280 levels. On the higher side, immediate resistance may be found near the Rs 365-370 zone.

“The counter showcased a breakdown from Rs 365 level and is likely to attract further correction in the near period. On the lower end, support is placed around the Rs 300-280 zone. Until it authoritatively surpasses Rs 365, some consolidation is likely to persist,” said Osho Krishan, Senior Research Analyst – Technical & Derivatives at Angel One.

RailTel Corp, a Mini Ratna (Category-1) PSU, is an information and communications technology (ICT) provider and one of the largest neutral telecom infrastructure providers in the country with a pan-India optic fiber network. As of December 2023, the government holds a 72.84 per cent stake in the company.

Disclaimer:Disclaimer: The views and investment tips by experts in this News18.com report are their own and not those of the website or its management. Users are advised to check with certified experts before taking any investment decisions.