RVNL shares surge 4% on Rs 3.1 bn railway order in Madhya Pradesh

16 Nov 2023 CW Team

RVNL, the state-owned Rail Vikas Nigam, experienced a nearly 4% surge in its shares to reach Rs 162.9 recently. This boost followed the company's reception of a letter of acceptance for an Rs 3.112 billion order from the Central Railway. The project involves the construction of 4 tunnels (totalling 1.6 km) with ballastless track, earthwork, and the building of significant bridges (3) in the Dharakoh Maramjhiri section of Madhya Pradesh, covering a stretch from km 831.8 to km 841.9 in connection with the third line.

According to RVNL's exchange filing, the order from Central Railways is expected to be completed in 18 months. As of 10:46 am, the stock was trading 2.4% higher at Rs 160.6 on the BSE. RVNL has demonstrated significant performance, yielding 135% returns to investors year-to-date and an impressive rally of over 750% in the past three years.

In a previous development in October, RVNL-MPCC (JV) secured a letter of acceptance for engineering works and the supply of 50 mm machine-crushed stone ballast, including complete track works, as part of the gauge conversion project between Nadiad-Petlad (37.26 km) in the Vadodara Division on Western Railway. The order was valued at Rs 2.4571 billion. Additionally, the company obtained the same work order from Western Railways for the Petlad-Bhadran (22.5 km) stretch of the Vadodara division, valued at Rs 1.7427 billion.

Trendlyne data reveals that the average target price for RVNL stock is Rs 146, indicating a potential downside of 9% from the current market prices. The consensus recommendation from three analysts is a 'Hold.' From a technical perspective, the stock's day RSI (14) is at 47.7, indicating a neutral position. The MACD is at -1.0, below its Center Line, suggesting a bearish trend. Notably, RVNL stock is trading higher than the 5-day, 10-day, 20-day, 100-day, 150-day, and 200-day moving averages.

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