The fall came after investors flocked to book profit after the stock rallied 58 per cent in the past one month.
In an exchange filing on Monday, the company announced that it has secured a letter of acceptance (LoA) for an order worth Rs 160 crore from East Coast Railway.
RVNL, in its filing said, “It is hereby informed that Rail Vikas Nigam Limited has received Letter of Acceptance from East Coast Railway for “Provision of Automatic Block Signalling system with dual MSDAC and alteration in existing El/Pl/RRI stations in the section of Jakhapura-Nergundi, Khurda Road-Bhusundpur & Bhusundpur-Golanthra over Khurda Road Division of East Coast Railway.”
According to the order details, RVNL will be responsible for provision of Automatic Block Signalling system with dual MSDAC and alteration in existing EI/PI/RRI stations in the section of Jakhapura-Nergundi, Khurda Road-Bhusundpur & BhusundpurGolanthra over Khurda Road Division of East Coast Railway.
The company is expected to complete the project in 24 months.
Rail Vikas Nigam Limited is a company based in New Delhi, specialising in the construction of rail infrastructure projects across the country. Established in 2003, the company is actively involved in the development and implementation of various railway projects, including new lines, doubling, gauge conversion, railway electrification, workshops, metro projects, bridges, construction of cable-stayed bridges, and institution buildings.
Additionally, it offers financial resource mobilisation services to support its projects. Rail Vikas Nigam Limited caters to clients such as Indian Railways, central and state government ministries, departments, and public sector undertakings.
Financial performance
The state-owned company’s profit rose 33.2 per cent year-on-year (Y-o-Y) to Rs 478.6 crore for the fourth quarter that ended March 31, 2024 (Q4FY24), from Rs 359 crore in the same quarter a year ago (Q4FY23).
RVNL’s revenue increased 17.4 per cent to Rs 6,714 crore, as opposed to Rs 5,719.8 crore in Q4FY23. The Ebitda margin, meanwhile, came in at 6.8 per cent in Q4FY24.
The board also recommended a final dividend of Rs 2.11 per share for financial year 24.
The market capitalisation of RVNL is Rs 83,630.16 crore, according to Bombay Stock Exchange (BSE). The 52-week high of the stock is Rs 424.95 while its 52-week low is Rs 116.15.
At 9:29 AM, shares of RVNL were trading 2.68 per cent lower at Rs 609.40 per share. By comparison, BSE Sensex was trading 0.12 per cent higher at 80,762.03 levels
First Published: Jul 16 2024 | 9:34 AM IST
