RailTel shares surge 10% amid bagging Rs 79 crore order from MHADA

The Shares of RailTel Corporation of India surged nearly 10% on Tuesday to the day's high of Rs 449 on the BSE after receiving a work order from the Maharashtra Housing and Area Development Authority (MHADA) for projects amounting to Rs 79.84 crore.

“This is to inform that RailTel Corporation of India Ltd. ("the Company") has received the work order from Maharashtra Housing And Area Development Authority for Other Project amounting to Rs. 79,84,01,751 (Including Tax),” according to the exchange filing made.

The contract is for the selection of a service provider (Cloud Hosting and Managed Services) to set up, migrate, and manage the Data Centre (DC) and Disaster Recovery (DR) site for MHADA on the Cloud. The order is to be executed by January 15, 2025, and is based solely in India.

Earlier, RailTel Corporation of India received an order from the Rural Development Department worth Rs 155 crore. This work order, from the Rural Development Department, Mantralaya, Maharashtra, is for the operationalization of the ASSK-GP project in the Konkan, Pune, and Nashik regions, and is expected to be executed by September 25, 2025.

The Mini Ratna company reported a net profit of Rs 49 crore for the quarter ended June 2024, up from Rs 38 crore in the year-ago period, marking an uptick of 27% on a year-on-year (YoY) basis. However, on a sequential basis, this represents a 37% decline from the Rs 77 crore reported in Q4 FY24.