RVNL Gains 3% After Winning Two Contracts Worth Around Rs 651 Crore
The first contract is for civil and hydro-mechanical work from NTPC, while the second contract is from the Southern Railway.
Source: Company Website
Shares of Rail Vikas Nigam Ltd. rose 3% on Monday after it won two contracts worth approximately Rs 651 crore.
The first contract worth around Rs 495 crore is from National Thermal Power Corp. for civil and hydro-mechanical works to be executed within a period of five and a half years, according to an exchange filing.
Separately, the company also said that it has emerged as the lowest bidder for a contract worth Rs 156 crore for automatic signaling by Southern Railway Ltd. The time period for completion of the project is 750 days.
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Shares of the company rose as much as 3% during the day to Rs.386.80 apiece on the National Stock Exchange. It was trading 0.49% higher at Rs 375.60 per share, compared to a 0.23% advance in the benchmark Nifty at 11:17 a.m.
The stock has risen 107.35% on a year-to-date basis and 208.9% in the last 12 months. The total traded volume so far in the day stood at 0.37 times its 30-day average. The relative strength index was at 64.04.
All three analysts tracking the company have a 'hold' rating, according to Bloomberg data. The average of 12-month analysts' price targets implies a potential downside of 17.5%.
