RVNL Shares Surge 7% To Hit All-Time High After Order Win

  • Benzinga India
  • Stock Market News
RVNL Shares Surge 7% To Hit All-Time High After Order Win
Credit: © Reuters.

Benzinga - RVNL‘s share price was surging on Monday morning as the company announced bagging another order. The stock went up over 7% to hit a new all-time high of ₹398.40.

What Happened: The massive surge today comes as the company on Friday evening announced bagging an order for Nagpur Metro. The project awarded by Maharashtra Metro Rail Corporation Limited (Nagpur Metro) entails the construction of six elevated metro stations—Cantonment, Kamptee Police Station, Kamptee Municipal Council, Dragon Palace, Golf Club, and Kanhan River Metro Station.

This undertaking is anticipated to be completed within a span of 30 months. The order is worth around ₹187 crore. Shares of the railway major have been on a golden run thanks to the strong inflow of orders and the strong quarterly results. In the past month, the company has bagged orders worth over ₹700 crore. In just the last five sessions, the stock has gone up over 27%.

The railway infrastructure company's net profit for the quarter came in at ₹478.40 crore, while revenue from operations for the March quarter stood at ₹6,714 crore. The company also declared a ₹2.11 per share dividend.

Price Action: RVNL’s share price was up 4.24% to trade at ₹386.20 as the markets opened on Monday.

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