STL Networks shares jump 5% after emerging as L1 bidder for RailTel contract worth Rs 250 crore
STL Networks shares rose 5% after emerging as the lowest bidder for a Rs 249.8 crore RailTel contract to deploy cloud infrastructure at data centre and disaster recovery sites. The company is also planning a wholly owned subsidiary focused on data centres and connectivity. Its stock has gained sharply in recent months.
Gurugram-based STL Networks saw its shares jump by 5% on Wednesday, reaching a high of Rs 51.93 on the NSE, following its emergence as the lowest bidder for a Rs 250 crore contract from RailTel Corporation of India. The contract involves the design, supply, installation, testing, commissioning, configuration, integration, migration, and deployment of a cloud infrastructure solution at RailTel's data center and disaster recovery site.
The total order value, including taxes, amounts to Rs 249.8 crore, and the entity responsible for awarding the contract is a domestic one. STL Networks stated that there are no promoter, promoter group, or group company interests in the company that awarded the order. The subsidiary, which STL Networks proposed to incorporate on September 15, aims to establish, acquire, own, operate, manage, and market data center and telecommunication infrastructure, data center solutions, and connectivity services.
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