RVNL shares rise as joint venture wins Rs 439 crore contract from Southern Railway  

Shares of state-owned Rail Vikas Nigam Ltd (RVNL) gained over 3% in the afternoon session today after the state-run company said its JV with KRDCL has  emerged as the lowest bidder (L1) from Southern Railway for ‘Redevelopment of Thiruvananthapuram Central Railway Station on Engineering, Procurement and Construction (EPC) mode.”

The contract is to be executed in 42 months. The overall cost of the project is Rs 439 crore.

RVNL stock gained 3.13% to Rs 286 on BSE on Wednesday. Total 10.88 lakh shares of RVNL changed hands amounting to a turnover of Rs 30.76 crore.

Market cap of RVNL rose to Rs 59131 crore on BSE. RVNL shares have a one-year beta of 1.3, indicating very 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 88.50 on April 25, 2023.

In terms of technicals, the relative strength index (RSI) of RVNL stands at 64.8, 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.

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.