Shares of Rail Vikas Nigam Ltd. extended rally for the second consecutive trading session on Thursday after it received a contract worth approximately Rs 391 crore from the Eastern Railway.
The contract for the construction of the Sitarampur bypass line under Asansol Division is to be executed within a period of two years, according to an exchange filing.
It also emerged as the lowest bidder for a contract worth Rs 124 crore by Dakshin Haryana Bijli Vitran Nigam Ltd. The time period for completion of the project is 30 months.
RNVL's stock rose as much as 8.41% during the day to Rs 383 apiece on the National Stock Exchange. It was trading 8% higher at Rs 381.85 per share, compared to a 0.98% advance in the benchmark Nifty at 10:20 a.m.
The share price has risen 110.05% on a year-to-date basis and 212.92% in the last 12 months. The total traded volume so far in the day stood at 0.49 times its 30-day average. The relative strength index was at 65.09.
All three analysts tracking the company have a 'hold' rating for this stock according to Bloomberg data. The average 12-month consensus price target implies an downside of 18.2%.
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