Source: https://www.businesstoday.in/markets/stocks/story/railtel-texmaco-rites-jupiter-wagons-select-other-railway-stocks-jump-up-to-15-today-395971-2023-08-28
Publisher: Business Today
Railways stocks such as RailTel Corporation of India Ltd, Texmaco Rail & Engineering Ltd, RITES Ltd and Rail Vikas Nigam Ltd (RVNL), BEML Ltd and IRCON International rose sharply on Monday, surging up to 15 per cent. RailTel zoomed 16.68 per cent to hit a 52-week high of Rs 194.10. The stock eventually settled 14.70 per cent higher at Rs 190.80. The company has recently has received an order from Kerala State Information Technology Infrastructure worth Rs 27.91 crore for fiber optic network. Prior to this, RailTel has bagged another order from Pimpri Chinchwad Smart City. As per RailTel, the projected estimated annual revenue of this project is Rs 70 crore, with a total revenue of Rs 700 crore for 10 years. RailTel has turned ex-dividend on August 24. It has paid a dividend of Rs 1.05 per equity share with a face value of Rs 10.
Among individual stocks, Texmaco Rail & Engineering Ltd soared 17.97 per cent to hit a one-year high of Rs 154.60. The counter finally ended the session with 13.28 per cent gains at Rs 148.45. Bourses BSE and NSE have put the securities of Texmaco under the long-term ASM (Additional Surveillance Measure) framework. Exchanges put stocks in short-term or long-term ASM frameworks to caution investors about high volatility in share prices.
Jupiter Wagons Ltd zoomed 4.99 per cent to scale its 52-week high of Rs 363. The stock also has been placed under the ASM framework. Jupiter Wagons provides comprehensive mobility solutions to rail.
Engineering consultancy firm RITES surged 4.94 per cent to close at Rs 482.40. The company has emerged as the Lowest Bidder (L-1) in a tender floated by the railway Board. Further, it has signed a memorandum of understanding (MoU) with NHPC for hydropower projects.
RVNL, construction arm of Indian Railways, moved 2.38 per cent higher to settle at Rs 126.85. Last week, BSE and NSE have levied fine of Rs 5,36,900, each, on the company for non-compliance. Half of the company board was not independent, including women independent director, for the quarter ended June 30, 2023, they said.
RVNL, in response, said it has no role to play in the appointment of any director and accordingly requested the exchanges to waive off the fine imposed.
Railway transportation firm BEML climbed 3.20 per cent to close at Rs 2,169.35 today. The company said it has received an export order from KAMSS Ltd, Russia, for BEML Dozer BD355 valuing $19.71 million. Separately, the company has bagged order from Ministry of Defence to supply command post vehicles for a contract value of around Rs 101 crore.
Also, IRCON moved 1.51 per cent higher to finish at Rs 109.40. Bourses have also imposed a RVNL-like penalty on IRCON. The fine levied by NSE and BSE has no impact on the financial, operation or other activities, the state-run company said.
IRFC today ended with 0.56 per cent gains at Rs 48.70. In addition, Indian Railway Catering and Tourism Corporation (IRCTC) and electric locomotive supplier BHEL (Bharat Heavy Electricals Ltd) gained 3.03 per cent and 4.04 per cent, respectively.
Meanwhile, Indian equity benchmarks traded higher today, halting their two-day losing run, led by gains in bank, financial, automobile and pharma stocks. The 30-share BSE Sensex pack climbed 110 points or 0.17 per cent to settle at 64,997, while the broader NSE Nifty index moved 40 points or 0.21 per cent up to close at 19,306.
