RVNL shares in news today as firm wins Rs 229-crore order

Shares of state-owned Rail Vikas Nigam Ltd (RVNL) are in news today as the state-run railway company has signed 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 climbed 2.17% to Rs 249.80 on BSE on Friday. Total 14.46 lakh shares of RVNL changed hands amounting to a turnover of Rs 36.01 crore.

Market cap of RVNL rose to Rs 52,083 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 60.30 on March 16, 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.

On March 15, the state owned firm won an order from Maharashtra Metro Rail Corporation Ltd.

The company said it received a letter of acceptance (LoA) for a project worth Rs 339.2 crore

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.