Rail Vikas Nigam Limited emerged as a top gainer in the Nifty 500 index on Wednesday as the stock surged up over 9% to hit an intraday high of ₹131.50.
What Happened: The surge in the stock comes as the Bombay Stock Exchange revised the stock’s price band from 5% to 20%. Prior to the surge today, RVNL shares seemed to have lost their upward momentum this past month after an impressive rally that started earlier this year.
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Shares of the company are down close to 4% since the past month. On a year-to-date basis, the RVNL share price is up close to 90%. The recent slowdown in stock was due to profit booking and the company’s performance in the March quarter further dampened the sentiment.
The company’s consolidated revenue from operations was down 11.15% year-over-year to ₹5,719.83 crore. Net profits for the January-March period slumped 5% to ₹359.25 crore as compared to ₹378.16 crore profit it booked in the same period last year.
Price Action: RVNL share price was up 8.26% to trade at ₹129.75 in the early hours of trading on Wednesday.
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