Shares of Rail Vikas Nigam Ltd. hit a record high on Thursday after winning an order worth Rs 138 crore from the Central Railways.
The order is to modify overhead equipment to upgrade the electric traction system and feeding system in the Amla-Nagpur section of the Nagpur division of Central Railway to meet the 3,000 million tonne loading target, the company said in an exchange filing.
The timeline for completing the project is two years, the filing stated.
Adding to this, at least 24.38 lakh shares, or 0.12% equity, change hands in two large trades. The transaction happened in the range of Rs 636.65-623.5 per share, according to data available on Cogencis. Buyers and sellers were not known immediately.
Shares of Rail Vikas Nigam rose 5.55% to a record high of Rs 643.80 apiece. It was trading 3.89% higher at Rs 633.70 as of 11:20 a.m., compared to 0.26% decline in the NSE Nifty 50 index.
The stock gained 413.3% in 12 months, and 251.09% on year to date basis. The total traded volume so far in the day stood at 1.14 times its 30-day average. The relative strength index was at 85.87, which implied the stock is overbought.
All the three analysts tracking the company recommends a 'hold', according to Bloomberg data. The average 12-month consensus price target implies a downside of 44.6%
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