What's Going On With RVNL Share Price Today?

RVNL‘s share price was down on Tuesday morning after a historic run on Tuesday.

What Happened: On Monday evening, the company announced receipt of the letter of acceptance for an order from South Central Railway. The railway major was declared the lowest bidder for this order in April.

The EPC (Engineering, Procurement, and Construction) tender involves doubling the railway track between Ankai and Karanjgaon stations (53.01 km), including electrification and signalling, for the Aurangabad-Ankai Doubling Project in South Central Railway’s Nanded Division.

See Also: RVNL Completes Construction Of Key Metro Pier, Set To Reopen Chingrighata Site

The order is worth around ₹440 crore and is expected to be completed in 30 months. The railway stock created history on Monday crossing the ₹400-mark for the first time. The massive surge was driven by the exit polls’ predictions that the incumbent government would return with a huge mandate.

The slump today can be a result of profit booking and some jitters being felt in the market as early trends for the Lok Sabha elections start coming in.

The company has seen consistent order inflow for the past year. In just the last 10 days, the company has bagged orders worth over ₹250 crore. As of March 2024, the railway infra company’s order book stood at over ₹85,000 crore.

Price Action: RVNL’s share price was down 7.11% to trade at ₹375.80 as the markets opened on Tuesday.

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