RVNL Shares Rise After Wining Contract From Maharashtra Metro Rail Corp.
The Rs 167 crore order will be executed over 18 months.
Shares of Rail Vikas Nigam Ltd. rose on Thursday after it won the contract from the Maharashtra Metro Rail Corp. for designing and building elevated viaducts.
The company received a letter of acceptance that entails designing and bundling elevated viaducts on the North-South Corridor of the Pune Metro Rail Project—Reach—Extension, according to an exchange filing.
The Rs 167 crore order will be executed over 18 months.
Shares of Rail Vikas Nigam rose as much as 4.03%, the highest level since March 18, before paring gains to trade 3.05% higher as of 10:31 a.m. This compares to a 0.98% advance in the NSE Nifty 50.
The stock has risen 259.18% in past 12 months. Total traded volume so far in the day stood at 0.39 times its 30-day average. The relative strength index was at 49.57.
Of the three analysts tracking the company, one maintains a 'buy' rating and two recommend a 'hold', according to Bloomberg data. The average of 12-month analysts' price target implies a potential downside of 3%.