RVNL shares up 2% on Rs 256.2 crore projects bid

The share price surged over 300 percent in the last one-year.

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Rail Vikas Nigam (RVNL) share price rose 2 percent in the early trade on August 31 after the company emerged as the lowest bidder (L1) for projects of Maharashtra Metro Rail Corporation.

At 09:25 hrs Rail Vikas Nigam was quoting at Rs 131.40, up Rs 2.85, or 2.22 percent on the BSE.

The projects included six elevated metro station viz. Pili Nadi to Lekha Nagar in reach-2A, one elevated and one at-grade station viz. ecopark and metro city in reach-IA respectively.

It also included at-grade section formation earthwork, boundary wall and retaining wall, elevated metro track supporting structure for eco park metro station and multi-storied building at Tulsi School Land (at Sitabuldi) of NMRP Phase-2.

The total cost of the said projects is Rs 256,19,87,814.

“After a spectacular run-up right from Rs 60 to Rs 140, Bharat Ratna RVNL Ltd entered a consolidation mode and is currently forming a continuation pattern known as an Ascending Triangle Formation where the breakout point comes at Rs 144. A strong close above the mentioned point will be a pattern breakout and as per the pattern, the target is Rs 179,” said Aditya Gaggar Director of Progressive Shares.

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The company had reported a 15 percent year-on-year (YoY) rise in consolidated net profit at Rs 343 crore and revenue jumped 20 percent to Rs 4,640.7 crore.

In July, the company had received a Letter of Award (LOA) for two projects from Madhya Pradesh Poorv Kshetra Vidyut Vitran Company in the Jabalpur Company Area. The total cost of the projects was Rs 331.62 crore.

The share touched a 52-week high of Rs 146.65 and a 52-week low of Rs 32.60 on July 24, 2023, and September 7, 2022, respectively.

Currently, the stock is trading 10.4 percent below its 52-week high and 303.07 percent above its 52-week low.

The share price surged over 300 percent in the last one-year.