Multibagger Railway stock jumps after getting fresh orders
Business Business: Shares of state-run Rail Vikas Nigam Ltd (RVNL) rallied 2% today after the railway firm said it has emerged as the lowest bidder (L1) from Southern Railway for provision of MSDAC along with existing DCTC at stations (to work as dual identification) and replacement of remaining AFTC in MAS-GDR and MSB-TBM Automatic Block Signalling sections of Chennai Division in Southern Railway.
The order is worth Rs 111 crore. The order is to be executed in 18 months.
RVNL shares rose 1.78% to Rs 586.80 on the BSE in the current session. A total of 4.03 lakh shares of RVNL were traded, generating a turnover of Rs 23.30 crore. The market cap of RVNL on the BSE stood at Rs 1.20 lakh crore. The one-year beta of the multibagger stock is 1.3, indicating high volatility during the period.
Technically, the Relative Strength Index (RSI) of RVNL is at 54.9, which indicates that it is neither in the overbought nor in the oversold zone. Rail Vikas Nigam shares are above the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day, 150 day, 200 day moving averages. “Rail Vikas Nigam Limited has emerged as the lowest bidder (L1) from Southern Railway for provision of MSDAC along with existing DCTC at stations of Chennai Division (to work as dual identification) and to replace the remaining AFTC in MAS-GDR and MSB-TBM Automatic Block Signalling sections.” RVNL said, “Announcement as per SEBI Circular No. SEBI/HO/CFD/CFD-POD-1/P/CIR/2023/123 dated July 13, 2023 is enclosed as Annexure-A.” RVNL is an execution arm of Indian Railways and works on behalf of the Ministry for projects assigned to it for execution. It works on turnkey basis and handles the entire cycle of project development from concept to commissioning which includes stages of design, preparation of estimates, calling and awarding of contracts, project and contract management.
