The shares of Rail Vikas Nigam Ltd. (RVNL) rose nearly 3% after it received a letter of acceptance from South East Central Railway for an engineering, procurement and construction contract worth Rs 221.33 crore in Chhattisgarh.
The project involves replacing panel interlocking systems with electronic interlocking, along with the installation of indoor and outdoor signalling equipment and optical fibre cable huts. It also includes the construction and electrification of signalling and telecommunication service buildings, besides cabling works in adjoining block sections of stations under the Bilaspur division, according to regulatory filing.
The contract covers work across 15 stations under the Bilaspur division. South East Central Railway, a domestic entity, has awarded the order. According to the company's exchange filing, the project is to be completed within 730 days. RVNL said the contract falls within the normal course of its business.
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Rail Vikas Nigam Ltd. (RVNL) Share Price Today
RVNL Share Price Today
Photo: NDTV Photo
The scrip rose as much as 3.19 to Rs 235 apiece on Tuesday at 9:17 am which was also the intraday high before paring gains. This compares to a 0.44% rise in the NSE Nifty 50 Index.
It has fallen 45.97% in the last 12 months and 34.75% year-to-date. Total traded volume so far in the day stood at 9.71 times its 30-day average. The relative strength index was at 16.89.
Out of three analysts tracking the company, one maintain a "hold", and two maintain a "sell" rating, according to Bloomberg data. The average 12-month consensus price target of Rs 184.50 implies a downside of 21.4%
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