RVNL Shares Jump Over 9% After Bagging Order From Madhya Pradesh Electricity Board

Shares of Rail Vikas Nigam Ltd. jumped over 9% on Tuesday after it won orders from Madhya Pradesh Paschim Kshetra Vidyut Vitran Co.

The company emerged as the lowest bidder for an order worth Rs 106.37 crore, which is expected to be completed in 24 months, according to an exchange filing.

The stock surged even as MSCI, in its February rejig, removed the stock from the MSCI Emerging Markets Small Cap Index.

Shares of the company rose as much as 9.23% to Rs 250.80 apiece. It pared gains to trade 7.67% higher at Rs 247.20 apiece as of 10:01 a.m. This compares to a 0.23% advance in the NSE Nifty 50 Index.

It has risen 329.33% in the past 12 months. Total traded volume so far in the day stood at 0.37 times its 30-day average. The relative strength index was at 47.15.

Out of three analysts tracking the company, one maintains a 'buy' rating and two suggest a 'hold', according to Bloomberg data. The average 12-month consensus price target implies a downside of 0.5%.