Rail Vikas Nigam stock hits all-time high; stock surges 9.58%

Rail Vikas Nigam stock hits all-time high; stock surges 9.58%

Shares of Rail Vikas Nigam Ltd RVNL hit a new all-time high amid a rally in broader markets today. RVNL stock rose by 9.58% to Rs 69.8 against the previous close of Rs 63.70 on the BSE. The stock of Rail Vikas Nigam has gained 20% in the last two sessions. It closed at Rs 57.95 on November 22. The stock opened at Rs 65 on Tuesday, a gain of 2.04%.

RVNL stock is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. Total shares of the firm changed hands of 41.09 lakh and the firm's turnover was 27.77 crore. The firm's market cap rose to 14,053 crore on the BSE.

RVNL shares have gained 94.82 per cent this year and jumped 87.79 per cent in a year. The stock has climbed 82.23 per cent in a month. The surge in stock in the past month can be attributed to a healthy flow of orders for the arm of Indian Railways.

On November 11, RVNL said it has been chosen as the preferred bidder for the development of UTF Uthuru Thila Falhu Island Harbour international project in the Maldives. The project has a budget of about 1,544. There are 60 crore.

On November 4, RVNL announced it had been given a contract worth Rs 137.55 crore for boosting the Pradhanta-Bandhua portion of the Dhanbad Division's speed potential to 160 kmph.

On October 20, RVNL said it was awarded the contract for Packages 2 and 3 for the Development of Kharicut Canal between Naroda Smashan Gruh and Vinzol Vehla. The cost of the contract was Rs 484 crore.

The company said on September 29 that it had been awarded a contract by the National Highways Authority of India NHAI for the construction of a four-lane highway from Samarlakota to Achampeta Junction at a distance of 12.25 km as part of Bharatmala Pariyojana's port to NH 16 connectivity in the State of Andhra Pradesh.

Net profit rose 36.52% to Rs 381.22 crore in the quarter ended September 2022 against Rs 279.24 crore during the previous quarter of September 2021, compared to Rs 279.24 crore in the September quarter. Sales increased by 21.94% to Rs 4,908. In Q 2 there were 90 crores compared to Rs 4025.82 crore during the last quarter of September 2021.

RVNL is an executing arm of Indian Railways and works on behalf of the ministry for projects assigned to it for execution. It works on a turnkey basis and oversees the full cycle of project development from conceptualisation to commissioning, including stages of design, preparation of estimates, calling and award of contracts, project and contract management.