Rail Vikas Nigam Shares Gain For Third Day In A Row; Up Over 85% This Year
Shares of Rail Vikas Nigam Ltd. rose for the third consecutive day on Wednesday.
The company bagged an engineering, procurement, and construction order worth Rs 2,248.95 crore for a canal in Banswara, Rajasthan. The Mahi Bajaj Sagar Project is expected to be executed in 42 months, as per an exchange filing.
Shares of Rail Vikas Nigam rose 6.72% to Rs 126.25 apiece, compared to a 0.28% fall in the benchmark NSE Nifty 50 as of 11:04 a.m. The price of the stock rose 9.97% intraday.
The stock gained 284.5% in 52 weeks and 86.3% year-to-date. The total traded volume so far in the day stood at 4.7 times its 30-day average, while the relative strength index was at 91, implying the stock may be overbought.
The two analysts tracking the company maintain a 'buy' rating on the stock, according to Bloomberg.
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