RVNL‘s share price recovered late on Wednesday after broader markets were seen bouncing back from the historic fall after the shock election results.
What Happened: On Wednesday afternoon, the company announced receipt of the letter of acceptance for an order from Eastern Railway. The railway major was declared the lowest bidder for this order in April. The announcement came after market close.
See Also: RVNL Completes Construction Of Key Metro Pier, Set To Reopen Chingrighata Site
The project involves the construction of the Sitarampur bye pass line under the Asansol Division of Eastern Railway. The order is worth around ₹390.97 crore and is expected to be completed in 24 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. However, on Tuesday the stock fell heavily when the numbers were far from what was being predicted.
The company has seen consistent order inflow for the past year. In just the last 15 days, the company has bagged orders worth over ₹350 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 up 0.51% to close at ₹353.30 on Wednesday.
Read Next: Tata Steel Plant Cleanup Could Cost The Dutch Government A Hefty ₹27,000 Cr
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.