Multibagger Navratna Stock Spikes 10% After BSE Raises Price Band

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Multibagger Navratna Stock Spikes 10% After BSE Raises Price Band
Credit: © Reuters.

By Malvika Gurung

Investing.com -- Shares of the state-owned railway company Rail Vikas Nigam (NS: RAIV ) Limited (RVNL) zoomed 10.3% in Wednesday’s intraday trade, snapping its 5% upper circuit limit during the session.

The upper circuit limit for RVNL has been shot up by the Bombay Stock Exchange (BSE) to 20%, starting June 7, 2023. The previous circuit limit was 5%.

In a recent review of surveillance action conducted by the leading bourse, the price band for a total of 477 listed stocks were revised, with the upper circuits of seven stocks witnessing an upward revision from 5% to 20%, including the railway scrip.

The Navratna stock (RVNL) has witnessed an impressive 89.5% jump so far in the calendar year 2023 and has soared by 271.05% in the past one year period, making it multibagger in nature.

Despite the CPSE stock’s tremendous rally over the period, InvestingPro’s financial models appear bearish on RVNL, with an average fair value of Rs 107.56/share set on it, indicating a potential downside of 17%.

InvestingPro sees the most bearish fair value on the mid-cap stock as Rs 79.6/share, which is at a downside of 38.4% compared to the current market price.

RVNL’s net profit dropped 5% YoY in the March quarter to Rs 359.3 crore and revenue from operations declined 11% to Rs 5,719.8 crore. Its EBITDA also recorded a fall of 8.3% in the quarter at Rs 374.4 crore, on a YoY basis.

Read Also: BSE Raises Upper Circuit Limit for 4 Adani Stocks, Lower Revisions Implemented Too

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