The shares of RailTel Corporation of India, a Mini Ratna (Category-I) company on Wednesday (October 16) spiked by 10 per cent during the intraday trading session, reaching to Rs 449 per share.
The surge in the stock prices of the company was in response to the recent announcement of the company's new Rs 79 crore contract from Maharashtra Housing Area Development Authority (MHADA).
The company shares today at 3:30 pm IST closed at Rs 435.10 apiece, up by 6.62 per cent.
MHADA Contract Details
"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)," said the company in the exchange filing.
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The new order from MHADA involves a significant technological project, where RailTel will set up, migrate, and manage a cloud-based data center and disaster recovery site for the housing authority.
A Month Full of Wins
October has been a busy month for RailTel. This recent deal is the company’s third major contract win in just two weeks.
Earlier, on October 2, RailTel secures two contracts from Bangalore Metro Rail Corporation Ltd. The projects, worth Rs 142.87 crore in total, cover IT Network Infrastructure at metro stations and depots, as well as upgrading the CCTV systems on Reach 1, alongside Comprehensive Annual Maintenance Contract (CAMC).
Furthermore, in the month of September, the company also bagged a Rs 134 crore contract from Adani Connex for an Advanced Smart Metering Infrastructure Project.
In addition to it, the company also signed a Rs 48.7 crore deal with Health Insurance TPA of India for developing an integrated claims management solution and mobile app, slated for completion by June 2030.