Rail Vikas Nigam Shares Rise On Securing Multiple Orders
Shares of Rail Vikas Nigam Ltd. gained the most in four weeks after winning multiple orders from NHAI and the Ministry of Railways.
The consortium of Tracks & Towers Infratech and Rail Vikas Nigam received the letter of award from NHAI for the construction of a six-lane greenfield Varanasi-Ranchi-Kolkata highway for Rs 1,271.99 crore.
The company also received a letter of award from NHAI for the construction of a six-lane elevated Kona Expressway for Rs 720.67 crore and another letter of award from the Ministry of Railways for the manufacturing and maintenance of 120 Vande Bharat trainsets at a cost of Rs 120 crore per trainset.
Shares of the company jumped 7.58% to Rs 73.8 apiece as of 11:15 a.m. on Monday, compared to a 0.14% decline in the benchmark Nifty 50. The stocks advanced as much as 8.67% intraday, the most in over four weeks since March 21.
The total traded volume so far in the day stood at 3.6 times its 30-day average. The relative strength index was 66.4.
Two analysts tracking the company maintain a 'buy' rating on the stock, according to Bloomberg.
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