Railtel shares climbed 4.3 per cent in morning deals on Wednesday, October 16, and registered an intraday high of Rs 425.85 per share after the telecom services company received an order worth Rs 79.8 crore (Rs 79,84,01,751) from Maharashtra Housing And Area Development Authority (MHADA).
Click here to connect with us on WhatsApp
“This is to inform that RailTel Corporation of India Ltd. has received the work order from Maharashtra Housing And Area Development Authority for Other Project amounting to Rs. 79,84,01,751 (Including Tax),” the company’s exchange filing read.
As per the contract, Railtel will set up, migrate, and manage the data center (DC) and disaster recovery (DR) sites of MHADA on cloud.
On August 30, the government upgraded Railtel Corporation of India to ‘Navratna’ status. The Department of Public Enterprises (DPE), in its statement, had said that RailTel Corporation of India was the 22nd Navratna Central Public Sector Enterprise (CPSE) in the country with an annual turnover of Rs 2,622 crore and a net profit of Rs 246 crore for FY24.
Navratna status empowers companies with faster decision-making, increased efficiency, and greater empowerment.
Public Sector Utilities (PSU) are classified into Maharatna, Navratna, and Miniratna firms. A ‘Navratna’ classification is granted to government-owned enterprises that were previously categorised as ‘miniratna’ category I, in recognition of their outstanding financial and market performance.
In 1997, the government launched the Navratna plan to select CPSEs with comparative advantages and to help them become global giants.
These companies are given the autonomy to establish joint ventures overseas, access new markets, and leverage local expertise.
The work order included live CCTV surveillance service, impersonation control through Aadhaar-biometrics service, digital fingerprint, and facial recognition during the written examination, and DV & PST.
In the past one year, Railtel shares have soared 70.7 per cent, compared to the BSE Sensex’s rise of 23 per cent during the same period.
First Published: Oct 16 2024 | 10:14 AM IST
