RVNL Shares Soar To Record After Large Trades

Shares of Rail Vikas Nigam Ltd. surged over 9% on Tuesday to an all-time high following two large trades in pre-market hours.

The railway infrastructure builder's 10.26 lakh shares or 0.05% equity changed hands at Rs 587 apiece, according to the data on Cogencis. The buyers and sellers were not known as of now.

Out of the total outstanding share of 208.05 crore, the promoter owns a 72.84% stake in RVNL, and the public owns 27.16%, according to the Cogencis data.

RVNL's stock surged as much as 9.38% in early trade to Rs 619 apiece on the NSE. It erased gains to trade 2.52% lower at Rs 551.65 per share, compared to a 0.20% advance in the benchmark Nifty at 10:39 a.m.

The stock has reversed a four-session winning streak with Tuesday's decline. It has gained 315.25% in the last 12 months and 203.66% on a year-to-date basis. The total traded volume so far in the day stood at 4.5 times its 30-day average. The relative strength index was at 83.1, implying that the stock may be overbought.

Three analysts tracking the company have a 'hold' rating on the stock, according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 36.6%

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