Share Market Live

NSE

Shares of rail infrastructure developer Rail Vikas Nigam Ltd. (RVNL) spurted by 5 percent to hit the upper circuit limit of Rs 77.70 on BSE on Thursday.

Although the stock opened lower at Rs 72.80, it later hit the upper circuit band as more than 32 lakh shares of the company were traded on the BSE. RVNL shares also reached the peak value of Rs 77.80 on the NSE as more than 4.39 crore shares changed hands on the bourse.

RVNL shares, which soared over 87 percent in the past month and more than doubled in the past three months, have emerged as a favourite for investors.

Trading volume has picked up after the company announced two major order wins worth crores of rupees in November.

Rail Vikas Nigam Ltd. emerged as the successful bidder for an international project worth Rs 1,544.6 crore in the Maldives named the Development of UTF (Uthuru Thila Falhu Island) Harbour. This is a strategic project for the Government of India.

The PSU also bagged a contract worth Rs 137.55 crore for increasing the speed potential to 160 KMPH in the Pradhankhanta - Bandhua Section of the Dhanbad Division under East Central Railway.

Care Rating has assigned a Triple A (AAA) rating to the company with a stable outlook.

The company posted a 36.5 percent jump in consolidated net profit to Rs 381 crore for the September quarter while sales rose by 22 percent to Rs 4,908.9 crore.

RVNL undertakes projects related to rail infrastructure and also mobilises financial and human resources for project implementation.

The stock is trading down by 0.20 percent at Rs 73.95.

Also Read: RVNL doubles in a month, Syngene down for third day: What kept dealers busy on Monday?

(Edited by : Rukmani Krishna)