Shares of Rail Vikas Nigam Ltd. rose to their highest level in one month on Friday after it won orders worth Rs 202.87 crore from South Eastern Railways.
The order includes the construction of a 132 kilovolt traction substation, section post, and subsection post in a 2x25 system in Kharagpur-Bhadrak, which falls under the Kharagpur division of the South Eastern Railway, according to an exchange filing. As a part of the project, the company will be responsible for design, supply, erection, testing, and commissioning of the substation, and subsection posts, the exchange filing said.
Rail Vikas Nigam will take 18 months to execute the project, it said.
Earlier, on Tuesday, the railway infrastructure company emerged as the lowest bidder for a project worth Rs 111 crore for Southern Railways. For this project, Rail Vikas Nigam will provide a multi-section digital axle counter and signal equipment with existing DCTC at stations, which will serve as dual detections.
Shares of Rail Vikas Nigam rose as much as 4.35% to Rs 605.00, the highest level since Aug. 1. It was trading 3.54% higher at Rs 600.35 as of 12:08 p.m., compared to 0.33% advance in the NSE Nifty 50 index.
The stock gained 367.20% in last 12 months and 230.06% on year to date basis. Total traded volume so far in the day stood at 1.8 times its 30-day average. The relative strength index was at 60.36.
Out of three analysts tracking the company, one maintains a 'buy' rating, one recommends a 'hold,' and one suggests a 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 17.5%.
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