RVNL Shares Jump 10% After Winning Nagpur Metro Order
The company will execute the building of six elevated metro stations in the Nagpur phase 2 metro line in 30 months.
Shares of Rail Vikas Nigam Ltd. jumped 10% on Wednesday after it won an order worth Rs 187.34 crore from Maharashtra Metro Rail Corp. The rail-infrastructure builder has received a letter of acceptance from the Maharashtra Metro Rail to build six elevated metro stations in the Nagpur phase 2 metro line, the company said in an exchange filing on Tuesday.
Additionally, at least 34.74 lakh shares, or 0.17% equity, changed hands in three bunched trades. The trades happened in the range of Rs 560–577.15 per share.
Rail Vikas Nigam says that it will execute the project in 30 months.
Shares of the company jumped 10% to Rs 597.00. It was trading 9.44% higher at Rs 593.90 as of 9:40 a.m., compared to 0.07% decline in the NSE Nifty 50.
The stock gained 379.75% in last 12 months and 227.07% on year-to-date basis. The total traded volume so far in the day stood at 3.9 times its 30-day average. The relative strength index was at 83.48, which implied the stock is overbought.
All the three analysts tracking the company recommend a 'hold', according to Bloomberg data. The average 12-month consensus price target implies a downside of 39.5%
