RVNL Share Price Surges As It Secures Orders Worth Rs 838 Crore
While Rail Vikas Nigam will receive 74% of the total revenue, SCPL will receive the remaining 26%, according to the exchange filing.
The share price of Rail Vikas Nigam Ltd. surged over 10% after it secured orders worth Rs 838 crore from Eastern Railways, the company said in an exchange filing on Friday. The railway infrastructure company will lead the project in a joint venture with SCPL.
While Rail Vikas Nigam will receive 74% of the total revenue, SCPL will receive the remaining 26%, according to the exchange filing.
Rail Vikas Nigam will carry out ancillary works in the 205-km stretch between Kalipahari and Pradhankhuta in Jharkhand, along with constructing a multi-tracking railway broad gauge line. The order also entails doing earthwork in cutting and filing, blanketing, construction of minor bridges, retaining wall, level crossing, side drain, and catch water drain, according to the exchange filing.
Rail Vikas Nigam will conclude the work in 36 months.
RVNL Share Price Today
Rail Vikas Nigam share price rose 7.48% to Rs 451.65 apiece.
RVNL's share price rose 10.16%, the highest level since Nov. 7, before paring gains to trade 7.71% higher at Rs 452.60 apiece as of 09:42 a.m. This compares to a 1.61% advance in the NSE Nifty 50.
The stock gained 171.79% in 12 months, and 149.38% year-to-date. Total traded volume on NSE so far in the day stood at 0.71 times its 30-day average. The relative strength index was at 50.80.
Of the three analysts tracking the company, one maintains a 'buy' rating, one recommends a 'hold' and one suggests 'sell', according to Bloomberg data. The average of 12-month analysts' consensus price target implies a downside of 44.00%.
