RVNL shares locked in 5% upper circuit on bagging of Rs 1,545 crore contract in Maldives

RVNL Share Price NSE: A strong buying was seen in the counter post announcement about bagging an international project in Maldives worth Rs 1,545 crore.

RVNL Share Price NSE: RVNL has yielded multibagger return to its investors. Pic: Reuters

RVNL Share Price NSE: Trading in Rail Vikas Nigam Ltd, NSE: RVNL, was halted on Wednesday after shares of the Indian Railways locked in upper circuit of 5 per cent. The stock opened at Rs 65.50 apiece on NSE, gaining more than Rs 2 per share or 3 per cent from previous close.

A strong buying was seen in the counter post announcement about bagging an international project in Maldives worth Rs 1,545 crore. The project involves the development of UTF (Uthuru Thila Falhu-Island) Harbour.

Zee Business panelist Mudit Goyal recommended shareholders to hold the position with a stop loss of Rs 59. "An upside of Rs 82 is expected if the counter crosses Rs 75," he said.

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Earlier in December, RVNL received a contract for the construction of Bhesan depot cum workshop for Surat Metro Rail Project for Rs 198.93 crore.

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RVNL Share Price History

RVNL has yielded multibagger return to its investors. YTD, the stock has zoomed around 89 per cent, resulting in wealth gain for the shareholders. In perspective, RVNL shares that quoted Rs 35.30 on January 3, are now available for Rs 66 levels. At current levels, the company has a market cap of Rs 13.83 thousand crore.

RVNL Dividend Yield in 2022

RVNL has paid a dividend yield of 18.3 per cent to its investors this year. It has paid dividends on two occasions (24 March- 15.8 per cent; 22 September- 2.5 per cent).
RVNL is a Mini Ratna company under the Ministry of Railways.

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