RVNL shares rise 10%, resume bull run in early trade; here's why
Market cap of RVNL climbed to Rs 1.24 lakh crore on BSE. RVNL shares have a one-year beta of 1.5, indicating high volatility during the period.
- Jul 10, 2024,
- Updated Jul 10, 2024 9:53 AM IST
Shares of Rail Vikas Nigam Ltd (RVNL) surged 10% to Rs 958 in early deals on Wednesday after the PSU said it won two orders, and signed a MoU with Tatweer Middle East & Africa LLP. RVNL shares gained 10% to Rs 598 in the current session on BSE. The stock hit a record high of Rs 620 for the fourth straight session on Tuesday.
On Wednesday, total 55.26 lakh shares of RVNL changed hands amounting to a turnover of Rs 320.88 crore. Market cap of RVNL climbed to Rs 1.24 lakh crore on BSE. RVNL shares have a one-year beta of 1.5, indicating high volatility during the period.
The stock fell to a 52-week low of Rs 117.35 on July 13, 2023.
In terms of technicals, the relative strength index (RSI) of RVNL stands at 79.4, signaling it's trading in the overbought zone. Rail Vikas Nigam shares are trading higher than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages.
RVNL said it received Letter of Acceptance (LoA) from Maharashtra Metro Rail Corporation (Nagpur Metro) for construction of six elevated metro stations namely Cantonment, Kamptee Police Station, Kamptee Municipal Council, Dragon Palace, Golf Club and Kanhan River Metro Station.
RVNL said the project cost is Rs 187.34 crore and the order would be executed over 30 months.
In another filing to stock exchanges, RVNL said it has signed MoU with TATWEER Middle East and Africa LLC for using RVNL’s expertise in railway sector, developing joint capabilities in design and execution of various rail-based work in MENA region and European countries. RVNL would also supply, design and help in implementation and commissioning of smart city, digital transformation and professional engineering services.
Besides, RVNL emerged as the lowest bidder (L1) from SER HQ Electrical, South Eastern Railway for design, supply, erection, testing & commissioning of 132 KV traction substation, sectioning post (SPs), and sub sectioning post (SSPs) in 2x25KV System on Kharagpur-Bhadrak section of Kharagpur division of South Eastern Railway to meet 3000 mt. The project would take 18 months to execute and the cost of work stands at 202.87 crore.
Shares of Rail Vikas Nigam Ltd (RVNL) saw profit-booking on Tuesday, falling 12% from record high amid a rally in Sensex and Nifty. RVNL shares ended at Rs 545.35, down 3.61% on BSE. They pared gains and closed 12% lower from the all time high of Rs 620.
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.
Shares of Rail Vikas Nigam Ltd (RVNL) surged 10% to Rs 958 in early deals on Wednesday after the PSU said it won two orders, and signed a MoU with Tatweer Middle East & Africa LLP. RVNL shares gained 10% to Rs 598 in the current session on BSE. The stock hit a record high of Rs 620 for the fourth straight session on Tuesday.
On Wednesday, total 55.26 lakh shares of RVNL changed hands amounting to a turnover of Rs 320.88 crore. Market cap of RVNL climbed to Rs 1.24 lakh crore on BSE. RVNL shares have a one-year beta of 1.5, indicating high volatility during the period.
The stock fell to a 52-week low of Rs 117.35 on July 13, 2023.
In terms of technicals, the relative strength index (RSI) of RVNL stands at 79.4, signaling it's trading in the overbought zone. Rail Vikas Nigam shares are trading higher than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages.
RVNL said it received Letter of Acceptance (LoA) from Maharashtra Metro Rail Corporation (Nagpur Metro) for construction of six elevated metro stations namely Cantonment, Kamptee Police Station, Kamptee Municipal Council, Dragon Palace, Golf Club and Kanhan River Metro Station.
RVNL said the project cost is Rs 187.34 crore and the order would be executed over 30 months.
In another filing to stock exchanges, RVNL said it has signed MoU with TATWEER Middle East and Africa LLC for using RVNL’s expertise in railway sector, developing joint capabilities in design and execution of various rail-based work in MENA region and European countries. RVNL would also supply, design and help in implementation and commissioning of smart city, digital transformation and professional engineering services.
Besides, RVNL emerged as the lowest bidder (L1) from SER HQ Electrical, South Eastern Railway for design, supply, erection, testing & commissioning of 132 KV traction substation, sectioning post (SPs), and sub sectioning post (SSPs) in 2x25KV System on Kharagpur-Bhadrak section of Kharagpur division of South Eastern Railway to meet 3000 mt. The project would take 18 months to execute and the cost of work stands at 202.87 crore.
Shares of Rail Vikas Nigam Ltd (RVNL) saw profit-booking on Tuesday, falling 12% from record high amid a rally in Sensex and Nifty. RVNL shares ended at Rs 545.35, down 3.61% on BSE. They pared gains and closed 12% lower from the all time high of Rs 620.
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.