RVNL share price rises 15% to all time high on a large order win from South Eastern Railways
- Stock Market today: Rail Vikas Nigam Ltd (RVNL) share price gained more than 15% to hit all time high of ₹345.90 on the NSE, during intraday trades on Tuesday. RVNL had announced large order win from the South Eastern Railways on Monday.
Stock Market Today: Rail Vikas Nigam Ltd (RVNL) share price gained more than 15% during the intraday trades on Tuesday. With this the RVNL share price also scaled an all time high of ₹345.90 on the NSE on Tuesday, The RVNL share price with gains of more than 190% in a year has given Multibagger returns to the investors.
The gains in RVNL share price on Tuesday was attributed to a large order win. The RVNL on Monday announced receiving Letter of Acceptance received from South Eastern Railway headquarters-Electrical.
The Letter of Acceptance is in reference to the order from Kharagpur division of South Eastern Railway, that intends to meet its 3000 MT loading Target. The kharagpur division of South Eastern Railway thereby is upgrading its electric traction system from 1 x 25 KV to 2 x 25 KV for the Kharagpur (Excl.)-Bhadrak (Excl.) segment, as per the release. The order involves design, supply, erection, testing, and commissioning of the electric traction system.
The order is to be completes in 18 months and the cost of work as per RVNL release is slightly more than ₹148 crore i.e ₹14826,89 ,066.54/- ( ₹One Hundred Forty-Eight crore twenty-six Lakh Eighty Nine Thousand Sixty-Six rupees and Fifty-four paisa) including applicable taxes, as per the release.
RVNL a few days back also had announced its financial results for the March'2024 quarter and FY24.
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The RVNL net profit had seen a significant rise of 33.2 % year-on-year to ₹478.6 crore in Q4FY24 compared to ₹359.25 crore in the year ago quarter driven by strong revenue growth and improved operating performance. The revenues at ₹6,714.01 crore grew 18.8% year-on-year. The earnings before interest tax depreciation and amortisation at ₹456 Crore also grew 21.8 percent YoY driving the earnings performance.
The Board also had recommended Final Dividend of Rs. 2.11 per share (i.e. 2 1.10%) on the paid-up equity share capital for the financial year 2023-24.
As the strong financial performance and dividend yield is lifting sentiments, the rising order flows are improving forward earnings outlook
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