Shares of state-owned Rail Vikas Nigam Ltd (RVNL) gained over 4% in an otherwise weak market in early deals today after the state-run company inked a MoU with the Airports Authority of India (AAI) for the construction of a subway or underpass to connect the operational area to the Airport Authority of India residential colony in Kolkata. The estimated cost of the project is Rs 229.43 crore.
RVNL shares rose 4.56% to Rs 261.20 on BSE on Tuesday. Total 7.72 lakh shares of RVNL changed hands amounting to a turnover of Rs 19.84 crore.
Market cap of RVNL rose to Rs 54,293 crore on BSE. RVNL shares have a one-year beta of 1.5, indicating high volatility during the period.
The stock rose to a 52 week high of Rs 345.60 on January 23, 2024 and a 52 week low of Rs 63.70 on March 27, 2023.
In terms of technicals, the relative strength index (RSI) of RVNL stands at 51.4, signaling it's trading neither in the overbought nor in the oversold zone. Rail Vikas Nigam shares are trading higher than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages.
The state-owned firm won a Rs 339.2 crore order from Maharashtra Metro Rail Corporation Ltd on March 15.
The contract involves the "design and construction of elevated viaduct" spanning a length of 4.519 km of the Pune Metro Rail network, according to a stock exchange filing. The execution timeline of this project is of 130 weeks, RVNL added.
RVNL is an executing arm of Indian Railways and works for and on behalf of the ministry for projects assigned to it for execution. 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.
Meanwhile, Sensex was trading 327 points lower at 72,504 and Nifty fell 88 pts to 22,009 in early morning deals today.