RVNL shares gain 9% to record high post MoU with Delhi Metro, check details

Shares of state-run Rail Vikas Nigam Ltd (RVNL) rose to a record high in early deals on Friday after the railway PSU signed a Memorandum of Understanding (MoU) with Delhi Metro Rail Corporation Ltd. (DMRC) for participation in upcoming projects in India and abroad. RVNL shares rose 8.65% to Rs 455 against the previous close of Rs 418.75 on BSE. Market cap of the firm climbed to Rs 93,586 crore.Total 53.12 lakh shares of RVNL changed hands amounting to a high turnover of Rs 235.90 crore.

"RVNL has signed MoU with Delhi Metro Rail Corporation Limited (DMRC) for participation in the upcoming projects in India and abroad as Project Service Provider for Metro, Railways, High Speed Rail, Highways, MegaBridges, Tunnels, Institutional Buildings/ Workshops or Depots, S&T works, and Railway Electrification," according to an exchange filing.

RVNL shares have a one-year beta of 1.5, indicating high volatility during the period. In terms of technicals, the relative strength index (RSI) of RVNL stands at 67.8, 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.