Shares of Rail Vikas Nigam Ltd (RVNL) hit all-time high amid a rally in broader markets today. RVNL stock gained 9.58% intraday to Rs 69.8 against the previous close of Rs 63.70 on BSE. Stock of Rail Vikas Nigam has gained 20% in the last two sessions. It closed at Rs 57.95 on November 22. The stock opened 2.04% higher at Rs 65 today.
RVNL stock is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. Total 41.09 lakh shares of the firm changed hands amounting to a turnover of Rs 27.77 crore. Market cap of the firm rose to Rs 14,053 crore on BSE.
RVNL shares have gained 94.82 per cent this year and risen 87.79 per cent in a year. In a month, the stock has climbed 82.23 per cent. The rally in stock in the past one month can be attributed to a healthy flow of orders for the arm of Indian Railways.
On November 11, RVNL said it has been chosen as the preferred bidder for the Development of UTF (Uthuru Thila Falhu- Island) Harbour international project in the Maldives. The project involves budget of roughly Rs 1,544.60 crore.
On November 4, RVNL said it had been given a contract worth Rs 137.55 crore for boosting the Pradhankhanta-Bandhua portion of the Dhanbad Division’s speed potential to 160 kmph.
On October 20, RVNL said it was awarded the contract for AMC area Packages 2 and 3 for the Development of Kharicut Canal (between Naroda Smashan Gruh and Vinzol Vehla). The cost of the contract stood at Rs 484 crore.
On September 29, the company said it had been awarded a contract by the National Highways Authority of India (NHAI) for the construction of a four-lane highway from Samarlakota to Achampeta Junction (for a distance of 12.25 km) as part of the Bharatmala Pariyojana’s Kakinada port to NH-16 connectivity in the State of Andhra Pradesh.
In September quarter of this fiscal, net profit climbed 36.52% to Rs 381.22 crore in the quarter ended September 2022 against Rs 279.24 crore during the previous quarter ended September 2021. Sales rose 21.94% to Rs 4,908.90 crore in Q2 against Rs 4025.82 crore during the previous quarter ended September 2021.
RVNL is an executing arm of Indian Railways and works for and on behalf of the ministry for projects assigned to it for execution. It works on a turnkey basis and undertakes the full cycle of project development from conceptualisation to commissioning including stages of design, preparation of estimates, calling and award of contracts, project and contract management.
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