Shares of Rail Vikas Nigam Ltd (RVNL) extended their record run in Monday's trade. The stock surged 7.92 per cent to hit an all-time high of Rs 399.70. It was last seen trading 3.20 per cent up at Rs 382.20. At this price, the multibagger scrip has gained 109.83 per cent on a year-to-date (YTD) basis.
The rail PSU has recently emerged as the lowest bidder from Maharashtra Metro Rail Corporation Limited (Nagpur Metro) for construction of six elevated metro stations. The project cost is estimated at Rs 187.34 crore.
On technical setup, support on the counter could be seen at Rs 345. Immediate resistance may be found at Rs 400.
Jigar S Patel, Senior Manager - Technical Research at Anand Rathi Shares and Stock Brokers, said, "Support will be at Rs 345. And, immediate resistance will be at Rs 400. A decisive close above Rs 400 may trigger a further upside. The expected trading range will be between Rs 325 and Rs 415 for a month."
Ravi Singh, Senior Vice-President (Retail Research) at Religare Broking, said, "Near-term resistance will be at Rs 400. And, a decisive breach above the said level is required for more upside."
RVNL is an executing arm of Indian Railways and works for and on behalf of the ministry to execute projects assigned to it. It works on a turnkey basis and undertakes the full cycle of project development from conceptualisation to commissioning including stages of design, preparation of estimates, calling and award of contracts, project and contract management.
The government owned a 72.84 per cent stake in the state-run firm, based on the March 2024 quarter shareholding pattern.