RVNL shares hit record high: Shares of Rail Vikas Nigam Limited (RVNL) surged 10.1 per cent to Rs 598 on the BSE in Wednesday’s intraday trade. The rally in RVNL share price on July 10 comes after RVNL won a contract worth Rs 187 crore from Maharashtra Metro Rail Corporation (Nagpur Metro).
At 09:29 AM, RVNL share price was 6 per cent higher at Rs 577.85 as compared to 0.13 per cent decline in the BSE Sensex. The stock had hit a record high of Rs 620 on Tuesday, July 9.
The market price of RVNL has zoomed 88 per cent from its previous month’s low of Rs 312, touched on June 5. Besides, thus far in the calendar year 2024, RVNL share price has skyrocketed 223 per cent as compared to 11 per cent rise in the benchmark index.
RVNL is engaged in the business of implementing various types of Rail infrastructure projects assigned by Ministry of Railways (MoR) including doubling (including 3rd/4th lines), gauge conversion, new lines, railway electrification, major bridges, workshops, Production Units and sharing of freight revenue with Railways as per the concession agreement entered into with MoR. The Company has formed Eleven SPVs.
RVNL has successfully constructed major workshops for Indian Railways in fast track mode. RVNL can thus undertake implementation of large buildings, factories, townships etc. for other agencies as well. With RVNL’s growth as a major provider of a variety of rail infrastructure, there is an opportunity of securing rail infrastructure projects overseas.
First Published: Jul 10 2024 | 10:04 AM IST