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Business News/ Markets / Stock Markets/  RVNL share price jumps over 5% on bagging 239 crore order from Southern Railway
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RVNL share price jumps over 5% on bagging ₹239 crore order from Southern Railway

RVNL share price surged over 5% as the company secured a ₹239 crore order from Southern Railway. Q3FY24 results showed a 6.2% drop in net profit. Stock opened at ₹260.35 and may target 290-300 with 250 as support, according to Equity Analyst Rajesh Bhosale.

RVNL share price today opened at ₹260.35 apiece on BSE, the stock touched an intraday high of ₹269.45, and an intraday low of ₹260 per share on BSE.Premium
RVNL share price today opened at 260.35 apiece on BSE, the stock touched an intraday high of 269.45, and an intraday low of 260 per share on BSE.

RVNL share price: Rail Vikas Nigam share price jumped over 5% on Tuesday's session after the company received a letter of acceptance for an order worth 239 crore from Southern Railway on Monday. 

Rail Vikas Nigam Ltd (RVNL) said in an exchange filing that it has got an order to provide an automatic block signalling system from Jolarpettai Junction to Erode Junction of the Salem Division of the Southern Railway. The order is to be executed within 12 months.

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The company recently stated in an exchange filing that it has postponed and rescheduled the Q4 results date to Friday, May 17. It had initially been scheduled for Wednesday, May 15. 

The firm reported its October-December quarter results (Q3FY24), indicating a 6.2% fall in net profit to 358.6 crore, compared to 382.4 crore the previous year.

The Indian Railways PSU's revenue from operations in the third quarter of the FY24 declined 6.4% to 4,689.3 crore, compared to 5,012.1 crore in the same period previous year.

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On a sequential basis, the company's net profit declined 9.1% from 394.4 crore in the quarter ended September 2023.

The revenue from operations fell 4.6% quarter on quarter from 4,914.32 crore in the September quarter.

RVNL share price today opened at 260.35 apiece on BSE, the stock touched an intraday high of 269.45, and an intraday low of 260 per share on BSE.

According to Rajesh Bhosale, Equity Technical and Derivative Analyst at Angel One, the stock has seen strong traction, opening up by more than 3%. If prices sustain these gains on closing, it may confirm a higher bottom close on the daily chart that may push for a strong move in the coming sessions; 290–300 would be the next potential upmove, and 250 as support. 

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Riyank Arora, Technical Analyst at Mehta Equities Ltd., said that the stock is trading above an important support zone of 245–250 on its daily timeframe charts. With the RSI (14) around 49, the overall momentum is expected to pick up in the next few days. " With a major support at the 250 mark, the overall risk-reward now looks favourable for buying with a small stop loss kept at 247.50 for potential upside targets of 295 and 310.

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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Published: 14 May 2024, 10:38 AM IST
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