RVNL shares locked in 10% upper circuit at life-time high

RVNL Share Price NSE: The trend in the stocks follows after the company's joint venture (JV) with SCC emerged as the lowest bidder for a canal project worth Rs 2,249 crore in Rajasthan.

RVNL Share Price NSE: RVNL announced that the railway PSU has been upgraded to Navratna Central Public Sector Enterprise (CPSE). Image: Pixabay

RVNL Share Price NSE: Trading in Rail Vikas Nigam Ltd, NSE: RVNL, was halted on Tuesday after shares of the Indian Railways PSU locked in an upper circuit of 10 per cent at Rs 118.3, up by Rs 10.75. The stock opened at Rs 112.5 apiece and later touched a fresh all-time 52-week-high of Rs 118.30 on NSE. The trend in the stocks follows after the company's joint venture (JV) with SCC emerged as the lowest bidder for a canal project worth Rs 2,249 crore in Rajasthan.

" Informed that “RVNL-SCC JV” emerges as the Lowest Bidder (L1) for “Planning, Design and construction of main Canal and Structures including associated distribution system to provide Irrigation facility to 41903 ha. area through Piped Irrigation network for Upper High-Level Canal of Mahi Bajaj Sagar Project, Banswara (Raj) on Engineering, Procurement and Construction (E.P.C.) single Responsibility turnkey basis, including 10 years O&M,” RVNL's regulatory filing said.

Earlier, RVNL announced that the railway PSU has been upgraded to Navratna Central Public Sector Enterprise (CPSE). RVNL will now be the 13th Navratna amongst the CPSEs. RVNL is a Ministry of Railways CPSE with an annual turnover of Rs. 19381 crores and net profit of Rs. 1087 crore for the year 2021-22.

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In today's edition of Traders' Diary, the Zee Business research analyst Varun Dubey recommended a buy on RVNL as his 'Techno pick' with a target price of Rs 112 with a stop loss of Rs 105.5.