Multibagger railway stock hits record high in early trade; shares up 181% in six months

Shares of RailTel Corporation of India Ltd hit their all-time high in the first trading session of 2024 today. The stock of the Mini Ratna firm rose 9.88% to a high of Rs 371.40 on BSE against the previous close of Rs 338 on BSE. Market cap of the firm rose to Rs 11,730 crore. Total 11.27 lakh shares of the firm changed hands amounting to a turnover of Rs 40.54 crore.

The multibagger stock has risen 191 per cent in a year and gained 181% in six months. It hit a 52-week low of Rs 96.20 on March 28, 2023.

In terms of technicals, the relative strength index (RSI) of RailTel stands at 71.9, signaling the stock is trading in overbought zone. The stock has a one-year beta of 0.2, indicating very low volatility during the period. RailTel stock is trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

RailTel reported a 23.4% growth in net profit to Rs 68.15 crore. It clocked a revenue growth of 40 percent at Rs 599.2 crore.

Net sales climbed 40.94 percent at Rs 599.15 crore. Earnings before interest, taxes, depreciation and amortisation stood at Rs 128.94 crore, up 15.96 percent from Rs. 111.19 crore in the last fiscal.

About the company

RailTel Corporation is a Mini Ratna (Category-I) PSU and is one of the largest neutral telecom infrastructure providers in the country owning a pan-India optic fiber network on exclusive right of way (ROW) along railway track. The company's segments include telecom services and project work services.

Also read: Samvardhana Motherson & Divi's Labs: What Ruchit Jain of 5paisa says on these 2 stocks

Also read: Stock recommendations by market analyst for January 1, 2024: Dabur India, Suven Pharmaceuticals and Samvardhana Motherson