RailTel shares in news today after board recommends final dividend

Shares of RailTel Corporation of India are in news today after board of the firm recommended a final dividend at Rs 1.85 per equity share for the financial year 2023-24.

RailTel stock closed 2.83% higher at Rs 534.90 on Monday. Market cap of the firm stood at to Rs 17,167 crore. Total 19.74 lakh shares of the firm changed hands amounting to a turnover of Rs 106.83 crore. The stock has gained 302 per cent in a year and risen 51.57 per cent this year. The stock hit a 52-week high of Rs 559.35 on July 8, 2024 and fell to a 52-week low of Rs 129.50 on July 7, 2023.   

In terms of technicals, the relative strength index (RSI) of RailTel stands at 74.6, signaling the stock is overbought. The stock has a one-year beta of 1.2, indicating high volatility during the period. RailTel stock is trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.   

“Pursuant to Regulation 30 of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, this is to inform that the Board of Directors of the Company at its meeting held today i.e. Monday, 08th July, 2024 has recommended a Final Dividend at the rate of 18.5% of paid-up share capital (Rs. 1.85/-per share) for the financial year 2023-24. This Final Dividend is in addition to Interim Dividend of Rs. 1.00/- per share already paid by the Company for the financial year 2023-24. The Final Dividend is subject to approval of shareholders in the ensuing Annual General Meeting (“AGM”). The Final Dividend would be paid within 30 days from the date of its declaration at the AGM,” said the firm in a communication to bourses.

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.