Rail Vikas Nigam Ltd (RVNL) shares are in the spotlight on October 17, following the company’s successful bid for a Rs 270 crore project from Maharashtra Metro Rail Corporation. The contract entails constructing 10 elevated metro stations within a 30-month timeframe from the contract award date.
The project includes seven elevated stations in Reach 3A—Hingna Mount View, Rajiv Nagar, Wanadongri, APMC, Raipur, Hingna Bus Station, and Hingna—and three stations in Reach 4A at Pardi, Kapsi Khurd, and Transport Nagar.
Of late in October, RVNL had emerged as the lowest bidder to East Coast Railway for the project, Construction of third and fourth line between Jarapada and Talcher Road and a new line between Angul and Balram part of MCRL Internal Corridor Phase-I doubling.
Shares of RVNL rose 0.94 percent to close at 478.45 rupees in the previous session on the NSE, marking a 162 percent year-to-date gain, significantly outperforming the 14.8 percent gain of Nifty. The stock surged about 180 percent in the past one year and doubled the wealth of its investors at a time when the Nifty rose 26 percent.
The stock has been seeing ample interest from mutual funds, which added nearly 28 lakh shares in September. Foreign institutional investors also raised their stake in RVNL to 5.05 percent as of September 30, from 3.13 percent at the end of June.
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Source: Moneycontrol
News Desk
