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Business News/ Markets / Stock Markets/  RVNL share price jumps 4% from intraday low after winning Indian Railway project worth 440 crore
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RVNL share price jumps 4% from intraday low after winning Indian Railway project worth ₹440 crore

RVNL has emerged smallest bidder in the South Central Railway tender for doubling of track between Ankai station & Karanjgaon stations

RVNL will have to complete this ₹40 crore South Central Railways' project in 30-month. (Photo: Pixabay)Premium
RVNL will have to complete this 40 crore South Central Railways' project in 30-month. (Photo: Pixabay)

Stock market today: Shares of Rail Vikas Nigam Ltd or RVNL witnessed selling pressure in the early morning session but attracted the attention of bottom fishers at their intraday lows. After touching the intraday low, RVNL share price bounced back strongly and logged a more than 4 percent rise against the intraday low. Buying in RVNL shares took place after the PSU company's latest exchange filing in which it claimed the emerging lowest bidder in a South Central Railways' tender. RVNL won this Indian Railways project for doubling of track between Ankai station (Excluding) at KM 16 (Ch: 16000) & Karanjgaon stations. RVNL will have to complete this project worth over 440 crore in 30 months.

After RVNL announced the development, RVNL share price started paring its intraday gains and made an intraday high of 262.40 apiece on NSE and logged more than a 4 percent rise against its intraday low of 251.80 apiece.

RVNL news

The RVNL informed the Indian stock market exchanges about winning the Indian Railways' project saying, "In terms of Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, it is hereby informed that Rail Vikas Nigam Limited emerges as the Lowest Bidder (L1) from South Central Railway for “Engineering, Procurement, and Construction (EPC) tender for proposed "Doubling of Track between Ankai station (Excluding) at KM 16.00 (Ch: 16000) & Karanjgaon stations (Excluding) at Km 69.01 (Ch:69010) (i.e. 53.01 Km) including Electrification and Signaling works in connection with Aurangabad-Ankai Doubling Project in Nanded Division of South Central Railway."

"The project cost is INR 440,00,06,784.36/- (Rupees Four Hundred Forty Crore Six Thousand Seven Hundred Eighty-Four and Paisa Three Six Only, Including GST)," RVNL said.

RVNL share price target

Expecting more upside in RVNL share price after bouncing back from its intraday lows, Sumeet Bagadia, Executive Director at Choice Broking said, “RVNL share price has made a strong base at 240. So, those who have RVNL shares in their stock portfolio, are advised to hold the counter maintaining strict stop loss at 240 apiece level. The PSU stock may touch 280 and 300 per share levels in the near term."

On the suggestion to the fresh investors, Sumeet Bagadia said, "Fresh investment can be made at the current level and one should keep on adding after every 5-6 percent dip till it is trading above 240. One can buy and hold RVNL shares for the near-term target of 280 and 300 apiece level. However, one must maintain stop loss at 240 per share level while taking any position in RVNL shares."

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.

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ABOUT THE AUTHOR
Asit Manohar
Chief Content Producer at Live Mint Digital Team
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
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Published: 19 Apr 2024, 03:09 PM IST
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