RVNL Jumps Nearly 5% After Profit Beat Estimates
RVNL's stock rose as much as 4.88% during the day to Rs 305 apiece on the NSE.
Shares of Rail Vikas Nigam Ltd. surged nearly 5% on Saturday after the company's net profit for the fourth quarter rose, beating estimates.
The company's consolidated net profit jumped 33.2% year-on-year to Rs 478 crore in the quarter ended March, as compared with Rs 359 crore over the same period last year. Revenue from operations rose 17.2% to Rs 6,714 crore, surpassing estimates.
The board has recommended a final dividend of Rs 2.11 per share.
RVNL's stock rose as much as 4.88% during the day to Rs 305 apiece on the NSE. It was trading 2.84% higher at Rs 299.4 apiece, compared to a 0.07% advance in the benchmark Nifty 50 as of 10:00 a.m.
It has risen 147% in the last 12 months. The total traded volume so far in the day stood at 1.2 times its 30-day average. The relative strength index was at 66.
One out of the three analysts tracking the company have a 'buy' rating on the stock, and two recommend a 'hold', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 22.1%.
