Shares of RVNL surged over 11% on Monday to hit a new 52-week high of ₹153.75.
What Happened: The surge today comes as the company late last week announced receiving two orders from the Madhya Gujarat Vij Company Limited (MGVCL). The railway company received a letter of acceptance (LOA) for a full turnkey contract (design, supply and installation) in Vadodara. The cost of this project is ₹322.08 crore.
See Also: This Small Cap Stock Has Surged 170% In 6 Months, Why Analyst Sees Further 50% Rally
The other order was also a full turnkey contract at Dhaod district. The total order value for this project is around ₹282.11 crore.
The order wins helped the stock continue its golden run at the bourses. The stock extended its five-straight session-gaining streak on Monday. In just the last five sessions the stock has surged up over 20%. On a year-to-date basis, the stock is up over 120%.
Price Action: RVNL’s share price was up 11.10% to trade at ₹153.65 shortly after market open on Monday.
Read Next: Adani Group Starts Fresh Week In Green: OCCRP Report Shelved?
Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.