RVNL shares to turn ex-dividend on Sept 20; surged 36% since final dividend announcement

Shares of Rail Vikas Nigam Ltd (RVNL) will turn ex-dividend tomorrow (September 20). RVNL had declared a final dividend of Rs 0.36 per share on May 29 this year when the state-owned firm announced its earnings for the quarter ended March 2023. The dividend announced for the financial year 2022-23 amounted to 3.60 percent of the paid-up equity share capital.  

Since the final dividend was announced, the stock has surged 36% or Rs 43.75 on BSE.  The PSU stock ended at Rs 121.55 on May 29, 2023. The earnings were announced after market hours.  

In the previous session, the stock closed 2.96% lower at Rs 165.30 on BSE.  

The stock slipped 3.69% to an intraday low of Rs 164.05 on Monday. Total 28.52 lakh shares of the firm changed hands amounting to a turnover of Rs 47.85 crore. Market cap of RVNL fell to Rs 34,465 crore on BSE. RVNL shares have a one-year beta of 1.2, indicating high volatility during the period. 

In the June quarter, RVNL reported a 15% year-on-year rise in its consolidated net profit to Rs 343 crore from Rs 297.6 crore in the corresponding quarter of the last fiscal. Revenue from operations surged 20% year-on-year to Rs 5853.2 crore in Q1 from Rs 4,640.7 crore during Q1FY23. 

In terms of technicals, the relative strength index (RSI) of RVNL stands at 61.7, signaling it's trading neither in the overbought nor in the oversold zone. Rail Vikas Nigam stock stands higher than the 20 day, 50 day, 100 day and 200 day but lower than the 5 day and 10 day moving averages.   

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.

Watch: MotoGP Bharat on September 22-24 at Buddh International Circuit in Greater Noida; Check out schedule, tickets, where to watch and more

Watch: Nithin Kamath on loan closure regulations, Anand Mahindra's wishes on Ganesh Chaturthi, Kiran Mazumdar-Shaw on Women’s Reservation Bill, Ritesh Agarwal on a decade of Oyo: India Inc. on X (Twitter)

Also Read | Indian Overseas Bank shares continue stellar show, zoom 46% in four sessions. Here are tech levels to watch

Also Read | SAMHI Hotels IPO fully subscribed on final day of bidding; QIBs lead bidding process