Updated July 4, 2024 | 09:55 PM IST
The stock of the railway PSU has gained an impressive 58.68 per cent in the last three months and has gained over 19% in the last one month and over 8% in the last two weeks. Moreover, the stock has given 125.74 per cent return to its investors in the last six months and is up 129.89 per cent on YTD.
RVNL Share Price Target 2024 (iStock)
Shares of Rail Vikas Nigam Limited (RVNL) will remain under scrutiny even after the Rs 750 crore deal. IRCON International Limited (IRCON).
On Thursday, the PSU stock closed in the green at Rs 418.75 per share, up 0.46 per cent from its previous close of Rs 416.85 per share. Moreover, the stock has rallied over 200% in the last one year, while in the last six months, it has given a return of 125.74%.
Rs 750 crore deal between RVNL and IRCON
RVNL has placed a crucial order worth Rs 750 crore with IRCON International, a company that executes civil construction projects for the Indian Railways. This order is expected to drive the stock higher on Friday.
IRCON International Limited (IRCON) through a Joint Venture i.e. IRCON-Paras Railtech Private Limited-PCM Stresscon Overseas Ventures Limited has been awarded LOA for the work of Design, Supply, Installation, Testing & Commissioning of Broad Gauge Ballastless Track (BLT) between Chainage 6+015 (FLS) to 125+200 (FLS), Supply of Ballast and Installation of Track (excluding supply of Rails and Track Sleepers) in respect of new Broad Gauge line between Rishikesh and Karnaprayag (125 Km) in the State of Uttarakhand, India. [IRCON-PARAS-PCM (JV)] “The ratio is 60:25:15 respectively,” IRCON said in a stock exchange filing today.
“…Rs 7,50,82,79,068.08 (Rupees Seven Hundred Fifty Crore Eighty Lakhs Seventy Nine Thousand Sixty Eight and Eight Paise only) inclusive of GST. The project has been awarded to Irconparas-PCM JV in the ratio of 60:25:15 respectively,” IRCON said.
Apart from this, RVNL has also signed an MoU with Delhi Metro Rail Corporation Limited (DMRC) to collaborate in upcoming projects in India and abroad as Project Service Provider.
“…RVNL has signed MoU with M/s Delhi Metro Rail Corporation Ltd (DMRC) for participation in upcoming projects in India and abroad as Project Service Provider for Metro/Railway/High Speed Rail/Highway/Megabridge/Tunnel/Institutional Buildings/Workshops or Depots/S&T Works/Railway Electrification,” RVNL said in an exchange filing.
RVNL Share Price Display
The stock of the railway PSU has gained an impressive 58.68 per cent in the last three months and has gained over 19% in the last one month and over 8% in the last two weeks. Moreover, the stock has given 125.74 per cent return to its investors in the last six months and is up 129.89 per cent on YTD.
Moreover, the stock has gained 1284.30 per cent in the last two years and has given a return of 243.38 per cent in the last one year. According to BSE Analytics till July 4, RVNL shares have given a handsome return of 1377.07 per cent to its investors in the last five years.
Brokerage house Antique Stock Broking Ltd has given a hold rating to RVNL shares. The firm in its report dated July 4, 2024 quoted a CMP of Rs 417 and assigned a fair value of Rs 233 to the company.
(Disclaimer: The above article is for informational purposes only, and should not be construed as any investment advice. ET now Digital suggests its readers/listeners to consult their financial advisors before taking any money related decisions.)