RVNL Shares Hit Record High After Nagpur Metro Project Win

Shares of Rail Vikas Nigam Ltd. hit a new record high on Monday after it emerged as the lowest bidder for a Nagpur Metro Project costing Rs 187.34 crore.

The project involves the construction of six elevated metro stations, including Cantonment, Kamptee Police Station, Kamptee Municipal Council, Dragon Palace, Golf Club, and Kanhan River Metro Station, according to an exchange filing.

The project is expected to be executed by 30 months, the filing said.

The scrip rose as much as 7.94% to Rs 399.90 apiece, the highest level. It pared gains to trade 3.5% higher at Rs 383.25 apiece, as of 10:28 a.m. This compares to a 0.07% advance in the NSE Nifty 50 Index.

It has risen 111% on a year-to-date basis and 218.38% in the last twelve months. Total traded volume so far in the day stood at 1.78 times its 30-day average. The relative strength index was at 83.84, indicating that the stock may be overbought.

Out of the three analysts tracking the company, one maintain a 'buy' rating, two recommend a 'hold,' and none suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies a downside of 30.1%.