RailTel shares zoom nearly 10% on receiving Rs 25 crore work order from HPCL

Shares of RailTel Corporation of India zoomed 9.6% to their intraday high of Rs 339.50 on the BSE in early trade on Monday, March 24, after the company informed that it has won a work order of Rs 25.15 crore (Rs 25,15,24,500) from Hindustan Petroleum Corporation Ltd (HPCL).

“Pursuant to Regulation 30 read with Part A (B) of Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform that RailTel Corporation of India Ltd. (“the Company”) has received the work order from Hindustan Petroleum Corporation Limited for amounting to Rs. 25,15,24,500/- (excluding Tax),” the company said in a regulatory filing.

The contract is for providing MPLS/ILL (Multi-Protocol Label Switching/Internet Leased Line) services for a period of 5 years. This is a rate contract for 5 years to renew existing MPLS/ILL links and to provide new connections over time, depending on feasibility.

The expected timeline of the project is from April 1, 2025, to March 31, 2030.

RailTel share price performance

Over the past year, the shares of RailTel have declined by 6.47%. Year-to-date (YTD), the price has fallen by 16.80%. In the last six months, it has dropped by 27.39%, and over the past three months, the price decreased by 15.26%. However, in the last one month, the stock has increased by 9.22%.

Also read: SAIL shares rise nearly 2% as co aims to raise production capacity to 35.65 MTPA by 2031

RailTel shares technical performance

Currently, the shares of RailTel are above their short and medium-term exponential moving averages (10, 20 and 20 DEMA). However, they are still trading below their long-term EMAs (100 and 200 DEMA).

On the RSI, the price is oscillating near the 52 mark, according to Trendlyne data.

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