Shares of state-run Rail Vikas Nigam Ltd (RVNL) were trading higher in a weak market today after the firm won a Rs 495 crore order from NTPC. The letter of award pertains to 'Project Execution Agency (PEA) contract for execution of Balance Civil & HM works of Barrage Complex including part HRT package of Rammam Hydro Electric Project Stage-III (3x40 MW).'
The multibagger railway stock rose 3.57% to Rs 382 against the previous close of Rs 368.80 on BSE. It has risen 196.81% in a year and gained 1067.49% in two years.
Total 7.50 lakh shares of RVNL changed hands amounting to a turnover of Rs 28.26crore. Market cap of RVNL rose to Rs 78,751 crore on BSE. RVNL shares have a one-year beta of 0.6, indicating low volatility during the period.
In terms of technicals, the relative strength index (RSI) of RVNL stands at 62.1, signaling it's trading neither in the overbought nor in the oversold zone. Rail Vikas Nigam shares are trading higher than the 20 day, 30 day, 50 day, 100 day, 150 day and 200 day but lower than the 5 day and 10 day moving averages.
"...it is hereby informed that Rail Vikas Nigam Limited has received a Letter of Award from National Thermal Power Corporation (NTPC) for "Project Execution Agency (PEA) contract for execution of Balance Civil & HM works of Barrage Complex including part HRT package of Rammam Hydro Electric Project Stage-III (3x40 MW)," the company said.
The contract specifies a completion period of 66 months, the company said.
Rail Vikas Nigam Ltd (RVNL) reported a 33.2% year-on-year (YoY) jump in net profit at Rs 478.6 crore in the fourth quarter against a net profit of Rs 359 crore in the corresponding quarter of FY23. Revenue from operations increased 17.4% to Rs 6,714 crore against ?5,719.8 crore in the corresponding period of the preceding fiscal.
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.