Railway stocks jump up to 12%; IRFC, Ircon International top gainers

"RVNL-Salasar Techno JV has received a Letter of Award (LoA) from Madhya Pradesh Power Transmission Co. Jabalpur for 'construction of 132 kV & 220 kV transmission lines and associated feeder bays on total turnkey basis in Eastern MP," RVNL said in an exchange filing.

It is a general contract and the awarded order shall be completed within a period of 18 months, said the filing. The total cost of the project is said to be Rs 173.98 crore. RVNL has a 51% stake in the JV, while Salasar Techno Engineering owns the remaining 49% stake in the venture.

State-run RVNL had also announced a 106.37 crore order from MP Paschim Kshetra Vidyut Vitran Company. The order is to be executed in 24 months.

Meanwhile, RailTel, which triggered a 20% lower circuit during Wednesday's trading session, rebounded today with a 10% upper circuit, reaching Rs 339.2.

RailTel is a multibagger stock and delivered over 220% returns in the past 12 months, and the stock is currently trading in an oversold zone. RailTel is currently trading above its 100-day, 150-day, and 200-day simple moving averages (SMAs).

Simultaneously, Ircon International shares also saw a 10% rise in today's intraday trading, reaching Rs 205.5 apiece. However, the stock declined nearly 10% in the last one month. The stock is also a multibagger. It has rallied 280% in the last one year and 385% in the past two years.

Other private railway stocks, Titagarh Rail Systems, and Texmaco Infrastructure & Holdings also surged 7% and 12%, respectively.

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