RailTel shares surge 22% in 3 sessions; here’s why
The PSU stock has risen nearly 300% from its 52-week low of ₹96.20 hit on March 28, 2023.
The PSU stock has risen nearly 300% from its 52-week low of ₹96.20 hit on March 28, 2023.
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With a focus on excellence and innovation, RailTel has garnered unwavering trust as a partner in delivering cutting-edge services across sectors.
The sell-off in the railway stocks was triggered after FM Sitharaman earmarked a capex of ₹2.55 lakh crore for the Indian Railways, which is lower than industry expectations of ₹3 lakh crore.
Given the government’s strong impetus on railway infrastructure development and modernisation of Indian Railways, the budgetary allocation for the sector is expected to cross ₹3 lakh crore.
The financing arm of the Indian Railways has declared a total dividend of ₹1,960.28 crore, which works out to 30.93% of PAT for FY23, says Shelly Verma.
The stock, which made its market debut in June last year, hit a fresh all-time high of ₹398.10 on September 5, after touching 52-week low of ₹66.90 on September 27, 2022.
The government, which currently holds 86.36% shares in IRFC, has to dilute 11.36% stake in the company to meet SEBI’s minimum public shareholding norm.
On Wednesday, the stock rallied nearly 5% to hit a fresh all-time high of ₹529.20 level. The share price has risen 125% in the current calendar year.
The consortium between Ramkrishna Forgings and Titagarh has been awarded the contract to manufacture and supply 15,40,000 forged wheels to the Indian Railways.