Stocks

Railtel share price: 2 rail stocks rally up to 9% amid reports of stake sale

Shares of Railtel and Rail Vikas Nigam rose up to 9% during Tuesday’s trading session amid reports of a proposed sale of the government’s stake in Indian railway entities.

Shares of

rose up to 9% to the day’s high price of Rs 115.85 while that of (RVNL) rose 8% to hit the day’s high price of Rs 40.15 apiece on the NSE.

Railtel has logged its biggest intraday per cent gain since May 25, whereas Rail Vikas is at nearly one-year high.

According to media reports, the government may divest up to 10% stake in Railtel, Rail Vikas and 4 other listed railway firms. The divestment shall fetch the government a sum of Rs 12,000 crore, added the report.

The government holds around 67-86% stake in these railway firms.

Volumes in both the counters increased substantially. By 8:47 am, more than 30 lakh shares changed hands in Railtel versus a 30-day average of more than 10 lakh shares.

Similarly, in Rail Vikas Nigam 263 lakh shares changed hands, almost 3.8x their 30-day average.


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