Why RailTel Corp share rose up to 20% today

RailTel Corp share rose 20% in trade today after the telecom infrastructure provider said it has been assigned the orders of Rs 105.82 crore by Ministry of Railways. Share of RailTel Corporation rose 19.97% to Rs 145.65 against previous close of Rs 121.40 on BSE.

Total 58.66 lakh RailTel shares changed hands on BSE. Market cap of the firm rose to Rs 4,660 crore .

On NSE, the share climbed 19.98% to Rs 145.60 against previous close of Rs 121.35.

Market cap of the firm rose to Rs 4,635 crore on NSE. Total 4.25 crore shares changed hands on  the bourse. The company said orders were related to the following works.

• Upgradation of signaling from Std. I to Std. II R with EI at 5 numbers of Station for the amount of approx Rs  30.37 crore.
• Phillaur-Lohiank has upgradation of signaling. from Std.-I to Std. II R with EI. at 5 numbers of Station for the amount of approx Rs 24.79 Crore.
• Replacement of mechanical signaling at 5 numbers of Station for the amount of approx. Rs 50.66 Crore.

The tenure for completion of aforesaid works is 18 months.

On February 26, RailTel Corporation share made a tepid market debut after its stock listed at a premium of 16% to the issue price. The RailTel stock listed at Rs 109 per share against the IPO issue price of Rs 94 on NSE.

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On BSE, the shared opened at Rs 104.60, implying a premium of 11.27% over the issue price. Market cap of the firm stood at Rs 3,583 crore on NSE and Rs 3,623 crore on BSE.

The RailTel IPO was subscribed 42.39 times on the final day of subscription on February 18. The IPO received bids for 2,59,42,43,370 shares against 6,11,95,923 shares on offer, as per data available with the NSE.

RailTel share lists at 16% premium to IPO issue price