RVNL shares in news today as firm emerges as lowest bidder for Himachal project

Shares of Rail Vikas Nigam Ltd (RVNL) are in news today after the firm it emerged as the lowest bidder for the development of distribution infrastructure at Central Zone of Himachal Pradesh. The order is worth Rs 739.07 crore. The project is expected to be completed in 24 months. 

RVNL shares ended 9.76% higher at Rs 606.65 on Monday. A total of 58.57 lakh shares of RVNL changed hands amounting to a turnover of Rs 344.65 crore. Market cap of RVNL climbed to Rs 1.26 lakh crore on BSE. 

RVNL shares have a one-year beta of 1.2, indicating high volatility during the period.      

The stock fell to a 52-week low of Rs 119.75 on July 28, 2023 and hit a record high of Rs 647 on July 15, 2024. 

In terms of technicals, the relative strength index (RSI) of RVNL stands at 63.9, signaling it's trading neither in the overbought nor in the oversold 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.

“In terms of Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, it is hereby informed that Rail Vikas Nigam Limited emerges as the Lowest Bidder (L1) for “Development of Distribution Infrastructure at CENTRAL ZONE of Himachal Pradesh under the Revamped Reforms-based and Results-linked, Distribution Sector Scheme [Loss Reduction Works] Tender No. [CE(MM)/RDSS-(P-1.1)/Central Zone] declared by HPSEBL,” said RVNL.

Additionally, the rail infra major said that a meeting of the board of directors of the company is scheduled to be held on Thursday, August 8, to “consider, approve and take on record the Unaudited Financial Results (Standalone and Consolidated) for the quarter ended June 30, 2024.”