RVNL shares in news today as firm wins order for Pune Metro rail project

Shares of state-owned Rail Vikas Nigam Ltd (RVNL) are in news today after the firm said it received a letter of acceptance (LoA) for a project worth Rs 339.2 crore from Maharashtra Metro Rail Corporation Ltd.

The contract involves the "design and construction of elevated viaduct" spanning a length of 4.519 km of the Pune Metro Rail network, according to a stock exchange filing. The execution timeline of this project is of 130 weeks, RVNL added.

RVNL shares climbed 0.99% to Rs 245.80 on BSE on Friday. Total 14.78 lakh shares of RVNL changed hands amounting to a turnover of Rs 35.45 crore.

Market cap of RVNL rose to Rs 51,249 crore on BSE. RVNL shares have a one-year beta of 1.5, indicating high volatility during the period.         

The stock rose to a 52 week high of Rs 345.60 on January 23, 2024 and a 52 week low of Rs 60.30 on March 16, 2023.

In terms of technicals, the relative strength index (RSI) of RVNL stands at 48.5, signaling it's trading neither in the overbought nor in the oversold zone. Rail Vikas Nigam shares are trading lower than the 20 day, 30 day, 50 day but higher than the 5 day, 10 day, 100 day, 150 day and 200 day moving averages.

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.