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Rail Vikas Nigam Ltd (RVNL) Secures Major Order from South Eastern Railway, Stock Price Hits All-Time High

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6 months ago

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Rail Vikas Nigam Ltd (RVNL) witnessed a significant surge in its share price, reaching an all-time high, following the announcement of a major order win from South Eastern Railway. The company’s stock soared more than 15% during intraday trading, peaking at ₹345.90 on the NSE.

The order, which was formally accepted by the South Eastern Railway’s Electrical Division, pertains to the Kharagpur Division. This initiative aims to upgrade the electric traction system from 1 x 25 KV to 2 x 25 KV for the Kharagpur (Excl.)-Bhadrak (Excl.) segment, with the goal of meeting a loading target of 3000 MT.

The scope of work for the order includes design, supply, erection, testing, and commissioning of the electric traction system. The project is expected to be completed within 18 months at a cost of over ₹148 crore, inclusive of applicable taxes.

Furthermore, RVNL recently disclosed its financial results for the March 2024 quarter and the full fiscal year. The company reported a notable 33.2% year-on-year increase in net profit, driven by strong revenue growth and operational efficiency.

Amidst the positive financial performance and an announced final dividend of Rs. 2.11 per share for FY23-24, RVNL’s shares have surged over 190% in the past year, marking impressive gains for investors.

Rachel Adams

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