RVNL shares settle at upper circuit of 20% following multiple block deals

Shares of Rail Vikas Nigam Limited (RVNL) hit their upper circuit and clocked a fresh 52-week high on January 19 following multiple block deals.

Moneycontrol could not immediately ascertain the buyers and sellers of the deal.

Rail Vikas Nigam shares settled at Rs 292.3 on the NSE, higher by 20 percent from the previous session’s closing price.

According to technical indicators, the counter is now in the ‘overbought’ zone, as indicated by its RSI of 88.9.

Additionally, on January 16, RVNL emerged as the lowest bidder for a Rs 251 crore Jabalpur project. Earlier this month, the KRDCL-RVNL JV secured the approval for a significant upgrade of Varkala Sivagiri railway station, with a project cost of Rs 123.36 crore.

In this partnership, KRDCL takes the lead with a 51 percent share, while RVNL holds 49 percent. The said order will be executed in 30 months, as stated in an official filing by RVNL with the exchange.

In December 2023, the RVNL-URC joint venture emerged as the lowest bidder for part design and construction of an elevated viaduct, five elevated metro rail stations (such as Shaheed Bagh, Khajrana Chauraha, Bengali Chauraha, Patrakar Colony, and Palasia Chauraha) and ramp for a Indore Metro Rail Project.

Over the past year, the PSU stock has surged 280.85 percent, almost quadrupling investors’ wealth. During the same time period, the benchmark equity index Nifty 50 has risen around 20 percent.

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