Rail Vikas Nigam Ltd (RVNL) shares gained over three per cent on Monday, June 10, after railway PSU emerged as the lowest bidder for a project of Southern Railways.
“…. informed that M/s KRDCL-RVNL Joint Venture emerges as the lowest bidder (L1) from Southern Railway for provision of automatic signalling on Ernakulam JN(ERS) – Vallattol Nagar (VTK) section on B-route of Thiruvananthapuram division in Southern Railway,” company said in its press release.
The total contract value is Rs 156,47,03,304.52 in which RVNL and KRDCL shares stand at 49 percent and 51 percent, respectively.
The said contract is to be executed in 750 days.
The board of directors of RVNL has approved the appointment of Shri N. C. Karmali as an additional director w.e.f. May 20, 2024.
On June 7, the company won an order worth Rs 495 crore from National Thermal Power Corporation (NTPC), and on June 6, the company bagged orders worth Rs 515 from Dakshin Haryana Bijli Vitran Nigam Limited and Eastern Railway for construction of Sitarampur bye pass line under Asansol division.
RVNL’s stock has given a multi-bagger return of over 200 per cent in the last 12 months (from June 12, 2023). In comparison, the headline index Nifty 50 has rallied nearly 26 per cent.
RVNL is under the category of Expensive Stars (DVM) at Trendlyne which are the stocks with high durability and momentum scores (above 50-55) and expensive valuation (less than or equal to 30 in valuation score). These stocks are considered high performers that are however expensive at their current price.
RVNL share price gained by as much as 3.2 per cent to hit an intraday high of Rs 386.50 apiece. The stock continued on a positive note. The stock’s 52-week high and low is at Rs 424.95 apiece and Rs 116.15 apiece respectively.
RVNL works as the construction arm of the Ministry of Railways for project implementation and transportation infrastructure development. The organization undertakes project execution from concept to commissioning and creates project- specific SPVs.
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