Rail Vikas Nigam Shares At Record High After Rs 148 Crore Order Win
The order is from South-Eastern Railway for upgradation of electric traction system, RVNL said.
Shares of Rail Vikas Nigam Ltd. surged over 15% to record high on Tuesday after it secured an order worth Rs 148 crore.
The order is from South-Eastern Railway for upgradation of electric traction system of Kharagpur and Bhadrak section under Kharagpur division, an exchange filing said. The upgradation is done so the South-Eastern Railway can meet its target of 3,000 tonne loading target
RVNL will execute the order in 18 months, the exchange filing said.
Shares of Rail Vikas Nigam surged 15.42% to 345.90, the highest level since its listing on April 11, 2019. It was trading 13.05% higher at Rs 338.80 as of 2:17 p.m., compared to 0.17% advance in the NSE Nifty 50 index.
The stock gained 183.17% in 12 months and 87.14% so far this year. The total traded volume so far in the day stood at 6.30 times its 30-day average. The relative strength index was at 78.22, which implied the stock is overbought.
One analysts tracking the company maintain a 'buy' rating, according to Bloomberg data. The average 12-month consensus price target implies a downside of 21.4%.
