Shares of Rail Vikas Nigam (RVNL) surged 4.96 per cent in Wednesday’s trade after receiving an appointment letter as project implementation agency for the UTF Harbor project in Maldives.
The order for this strategic project was placed by Ministry of External Affairs (MEA). The project cost stood at Rs 1,544.60 crore and it has to be completed within 24 months.
“It is hereby informed that Rail Vikas Nigam Ltd (RVNL) has received LOA (Letter of Authorization) on 27.12.2022 for appointment as Project Implementation Agency for implementation of the UTF Harbor Project in Maldives. This is a strategic project of the Indian government. The project costs is Rs 1,544.60 crore,” Indian Railways’ PSU stated in an exchange filing.
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The stock gained 4.96 per cent today to hit its upper price band of Rs 66.70 over its previous close of Rs 63.55. A total of 16.06 lakh shares changed hands today with a turnover of Rs 10.81 crore. At this price, the company’s market capitalisation (m-cap) came at Rs 13,844.53 crore.
At today’s high price level of Rs 66.70, RVNL has declined 20.74 per cent from its 52-week high of Rs 84.15, touched in November this year. The stock has slipped 0.82 per cent in the previous five sessions. On a year-to-date (YTD) basis, it has moved 87.68 per cent higher.
The stock traded higher than 50-day, 100 -day and 200-day moving averages but lower than 5-day and 20-day moving averages.
It traded at a 14-day relative strength index (RSI) value of 50.11. A level below 30 is defined as oversold while a value above 70 is considered overbought. The company’s stock has a price-to-equity (P/E) ratio of 10.72.
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Meanwhile, Indian equity benchmarks traded lower in opening deals, dragged by state-owned lenders and technology stocks.
