Shares of Rail Vikas Nigam Ltd (RVNL) rose 18 per cent to hit an all-time high of Rs 163.45 on September 4 after the company on September 2 announced that it has bagged orders worth Rs 604.19 crore from the Madhya Gujarat Vij Company.
“The company has received a letter of acceptance for development of distribution infrastructure work for loss reduction in Vadodara and Dahod districts under the revamped reforms-based and results-linked distribution sector scheme,” the company said in a regulatory filing with the exchanges.
“The project cost for the work in Vadodara district is Rs 322.08 crore, while the cost for work in Dahod district is Rs 282.11 crore. As a part of the order-win, the company is expected to complete the projects in a span of 31 months,” it added.
The multibagger stock has gained around 127 per cent in 2023 so far and 372 per cent in the past one year. On BSE, 107.30 lakh shares changed hands today. This was way above than the two-week average volume of 22.20 lakh shares. Turnover on the counter came at Rs 165.64 crore, commanding a market capitalisation (m-cap) of Rs 31,984.21 crore.
It is worth mentioning that RVNL serves as the executing arm of Indian Railways, handling projects from conceptualization to commissioning on a turnkey basis. It manages various stages of project development, including design, estimates, contract management, and project execution, on behalf of the Ministry of Railways.
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