Why RVNL Shares Are Upbeat Today

RVNL shares jumped back in the green on Monday after a two-session losing streak.

What Happened: The surge today comes as the company announced bagging another metro contract. In a regulatory filing, the company informed that it has emerged as the Lowest Bidder for a contract from Maharashtra Metro Rail Corporation Limited (MMRCL).

The ₹394.89 crore contract is for the design and construction of a 6.92 km long Elevated Metro Viaduct. As per the filing, the project is to be executed in 30 months.

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Shares of the company have had an impressive rally this year on the back of such contracts. Last week, the company announced bagging another contract from MPPKVVCL Jabalpur Company. The contracts have a combined value of around ₹281 crore.

Price Action: RVNL share price was up 1.94% to trade at ₹123.50 shortly after the markets opened on Monday.

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