RVNL shares gain as firm wins project from South Eastern Railway

Shares of Rail Vikas Nigam (RVNL) are in news today after the PSu firm said it has received a Letter of Acceptance from SER HQ-Electrical/South Eastern Railway for a project worth Rs 167.3 crore. RVNL stock rose nearly 2% in early deals on Thursday. RVNL shares rose 1.8% to Rs 274.55 on BSE. Total 0.58 lakh shares of RVNL changed hands amounting to a turnover of Rs 1.57 crore.

Market cap of RVNL rose to Rs 56,743 crore on BSE. RVNL shares have a one-year beta of 1.2, indicating high volatility during the period.      

The stock rose to a 52 week high of Rs 345.60 on January 23, 2024 and slipped to a 52 week low of Rs 110.50 on May 31, 2023.

In terms of technicals, the relative strength index (RSI) of RVNL stands at 49.9, 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.

“Rail Vikas Nigam Limited has received Letter of Acceptance from SER HQELECTRICAL/SOUTH EASTERN RAILWAY for “Design, Supply, Erection, Testing and Commissioning for upgradation of Electric traction system from 1 x 25 KV to 2 x 25 KV traction system for Rajkharsawan -NayagarhBolani section of Chakradharpur division of South Eastern Railway to meet 3000 MT loading target”, said the firm.

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.