Among these PSU railway stocks, RailTel Corporation was the top gainer, rising 11.4% to Rs 442 after its quarterly profit doubled year-on-year (YoY).
The company posted a profit after tax (PAT) of Rs 62 crore in Q3 of FY24 as against Rs 32 crore in the corresponding period of the previous year, registering a YoY growth of 94%.
Also Read | On right track! Up to 300% returns since last Budget turn IRFC, Railtel & 8 other railway stocks multibaggers
Meanwhile, its operating income stood at Rs 668 crore in Q3 of FY24 with 47% YoY growth and 12% quarter-on-quarter (QoQ) growth. The company has posted a total income of Rs 675 crore in Q3 of FY 2023-24.
RailTel Corporation of India also received the work order from Navodaya Vidyalaya Samiti for the Supply & Implementation of Integrated Infrastructure & IT solutions under the PM SHRI Scheme in JNVs Schools, amounting to Rs 162.73 crore.
Apart from the December quarter results of RailTel Corporation, according to the analysts, the sharp rally in railway stocks was attributed to the anticipation of the Government of India (GoI) unveiling fresh investments for railway infrastructure development in the upcoming 2024 budget.Also Read: 3 Adani stocks prove invincible after 1 year of Hindenburg attack
Ircon International rose 4.5% to Rs 252 apiece. The stock has rallied 44% in the month of January, and over 325% in the past one year.
IRFC shares also surged nearly 4% to Rs 178 in intraday trade today. The company’s market cap crossed Rs 2.25 lakh crore mark in today’s trade as its shares gained nearly 80% in the last one month. IRFC’s market cap is still above the market cap of Mahindra & Mahindra and Bajaj Auto.
IRFC has delivered 441% returns in the past 12 months, and the stock is currently trading in a strongly overbought zone.
Meanwhile, RVNL, another multibagger stock, surged 3.7% in today’s trade. RVNL has delivered 300% returns in the past 12 months, and the stock is currently trading in an overbought zone. RVNL is currently trading above its 50-day, 100-day, 150-day, and 200-day simple moving averages (SMAs).
Simultaneously, IRCTC shares also saw a 2% rise in today’s intraday trading, reaching Rs 990 apiece. The returns of IRCTC also surged nearly 55% in the last one year.
Other private railway stocks, Titagarh Rail Systems and Texmaco Infrastructure & Holdings also surged 2.7% and 4.5%, respectively.
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