This railway stock tripled from March low; fell 15% from record high in previous session

Shares of Rail Vikas Nigam Ltd (RVNL) have surged 202% from their March low this year. RVNL shares, which hit an intraday low of Rs 56.15 on March 1, 2023, closed at Rs 169.65 on Tuesday, clocking 202.13% returns during the period. In comparison, Sensex has risen 13.14 per cent during the period. RVNL shares opened higher at Rs 195.80 on Tuesday against the previous close of Rs 189.50 on BSE. They hit a record high of Rs 199.35 during the session.  

The stock slipped 14.77% to an intraday low of Rs 161.05 on BSE. Total 183.02 lakh shares of the firm changed hands amounting to a turnover of Rs 327.18 crore. Market cap of RVNL fell to Rs 35,372.37 crore on BSE. Later, it ended 10.47% lower at Rs 169.65 in the same session. The stock slipped 14.89% from record high on Tuesday.   

In terms of technicals, the relative strength index (RSI) of RVNL stands at 67.1, signaling it's trading neither in the overbought nor in the oversold zone. RVNL stock has a one-year beta of 1.2, indicating high volatility during the period. Rail Vikas Nigam stock is trading higher than the 5 day, 10 day, 20 day, 50 day, 100 day and 200 moving averages.  

RVNL reported a 15% year-on-year rise in its consolidated net profit to Rs 343 crore in Q1 of this fiscal from Rs 297.6 crore during the corresponding quarter of last fiscal. Revenue from operations climbed 20% year-on-year to Rs 4,640.7 crore from Rs 5,571.5 crore during Q1FY23. 

Sequentially, net profit plunged 4% from Rs 359.3 crore during the quarter ended March 2023. Revenue from operations fell 2% quarter-on-quarter from Rs 5719.9 crore in Q4FY23. 

About the company  

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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