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RVNL's Share Price Jumps After Bagging ₹160 Cr Order, Crosses ₹400 Again

Published 18-06-2024, 09:26 am
© Reuters.  RVNL\'s Share Price Jumps After Bagging ₹160 Cr Order, Crosses ₹400 Again

Benzinga - RVNL‘s share price jumped on Tuesday morning after the company announced bagging another railway order over the weekend. The stock surged up over 3.5% to hit an intraday high of ₹405.

What Happened: In an exchange filing on Friday evening, the railway company announced securing an order from East Coast Railway valued at approximately ₹160.08 crore.

The order involves the installation of an automatic block signalling system in existing stations within the sections of Jakhapura-Nergundi, Khurda Road-Bhusundpur, and Bhusundpur-Golanthra, over the Khurda Road Division of East Coast Railway. The project is expected to be completed within 24 months.

The Navratna company has obtained multiple orders over the past 30 days. Earlier in the week, it was declared the lowest bidder for an order from Central Railways, valued at around ₹138 crore.

RVNL’s share price has been on an incredible bull run over the past year. Since the start of 2024, the RVNL share price has surged by over 114%.

Price Action: RVNL’s share price was up 2.09% to trade at ₹398.35 as the markets opened on Tuesday after the long weekend.

Read Next: Popular US Retail Investors’ Group That Drove Infamous 2021 Short Squeeze Now Hunts For Opportunities In Indian Share Market

Read the original article on Benzinga

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