Shares of Rail Vikas Nigam Ltd (RVNL) rose over 4% in early trade after the state-owned firm said it has won multiple orders worth Rs 721 crore. RVNL stock touched an intraday high of Rs 71.61, rising 4.39% on BSE. Total 8.65 lakh shares of the firm changed hands amounting to a turnover of Rs 6.13 crore. Market cap of the firm rose to Rs 14,853 crore on BSE.
RVNL shares have risen 4.25% this year and risen 113 per cent in a year. In a month, the stock has climbed 8.15%. The stock hit a 52-week low of Rs 29 on February 24, 2022 and a 52 week high of Rs 84.15 on November 29, 2022.
In terms of technicals, the relative strength index (RSI) of RVNL stands at 58.4, signaling it’s neither trading in the overbought zone nor in the oversold zone. RVNL stock has a one-year beta of 0.8, indicating low volatility during the period. Rail Vikas Nigam stock is trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
RVNL has received Letter of Award (LoA) from National Highway Authority of India (NHAI) for construction of six-lane elevated Kona expressway project in West Bengal on EPC mode.
The Rs 720.67 crore order is to be executed in 910 days.
RVNL’s JV also received LoA from Ministry of Railways for manufacturing cum maintenance of Vande Bharat Trainsets including up-gradation of the government manufacturing units & trainset depots.
Also, the consortium (RVNL and Tracks & Towers Infratech) received LoA from NHAI for ‘construction of 6-lane Greenfield Varanasi-Ranchi-Kolkata highway from Sonepurbigha village junction with NH-22 near Chatra under Bharatmala Pariyojana in Jharkhand on Hybrid Annuity Mode.
In the December quarter of last fiscal, net profit climbed 30.51% to Rs 382.42 crore against Rs 293.01 crore during the previous quarter ended December 2021. Sales stood flat at Rs 5012.09 crore in Q3 against Rs 5049.24 crore during the quarter ended December 2021.
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