RVNL Share Price Jumps To Over Three Month High On Winning Rs 116-Crore Order

Rail Vikas Nigam Ltd.'s share price rose to an over three-month high in Friday's session, as the company secured an order worth Rs 115.79 crore. The order is from Central Railway, the company said in an exchange filing on Thursday.

Central Railway's order is for modifying the overhead equipment work. As part of this order, Rail Vikas Nigam will upgrade existing 1x25 KV Electric traction system to 2x25 KV auto transfer feeding system. This system is a power supply system used particularly in Indian subcontinent.

The power-supply system upgradation will happen in Itarsi–Amla section in Nagpur division of Central Railway, which will support Indian railways to meet 3,000 million tonnes loading target, Rail Vikas Nigam said.

Rail Vikas Nigam will take 24 months to conclude the project, the exchange filing said.

Rail Vikas Nigam Ltd.'s share price jumped 10.30% to Rs 415.00 apiece, the highest level since Feb. 5. It was trading 9.69% higher at Rs 412.70 apiece as of 11:07 a.m., as compared to 0.36% decline in the NSE Nifty 50.

The stock rose for second day in a row. It gained 46.30% in 12 months, and declined 2.77% on year-to-date basis. Total traded volume on the NSE so far in the day stood at 4.11 times its 30-day average. The relative strength index was at 69.82.

Out of three analysts tracking the company, one maintains a 'buy' rating, and two suggest 'sell', according to Bloomberg data. The average 12-month analysts' consensus price target implies a downside of 34%.