RailTel Corporation of India bags order from Indian Air Force worth Rs 89 crore

RailTel Corporation of India announced on Friday that it has secured an order worth Rs 89.09 crore. The order from the Indian Air Force Network (AFNet) is for providing comprehensive annual maintenance contract for AFNet equipment & associated items for a period of 2 years. 

Reacting to this, the company’s stock today increased by 1.67 per cent and made an intraday high of Rs 149.95 per share.  

The company reported a net profit of Rs 69.66 crore in Q3FY21. In Q3FY20, it had reported a net profit of Rs 43.23 crore, which is an increase of 61.14 per cent. The company reported net sales of Rs 410.60 crore for Q3FY21, an increase of 51.96 per cent as against the net sales of Rs 270.20 crore for Q3FY20.  

RailTel Corporation of India debuted on February 26, 2021, on both the exchanges (BSE & NSE). It was listed at Rs 104.60 with a premium of  11.27 on BSE and gained 15.95 per cent as against its issue price of Rs 94 apiece on NSE.  

RailTel is a Miniratna PSE of the Government of India, focussing on providing broadband and virtual private network (VPN) services. RailTel has an objective of creating nationwide broadband, telecom & multimedia network in order to modernise the train control operation as well as safety system of Indian Railways.   

The stock has a 52-week high and a 52-week low of Rs 189.45 and Rs 104.60, respectively.  

At 11.18 am, the stock of the company was trading at Rs 148.10, up by 1.06 per cent on BSE.