RVNL‘s share price extended gains for the second straight session on Tuesday continuing its recovery from the massive fall on Tuesday. The stock went up around 7% to hit an intraday high of ₹377.80.
What Happened: The company made two announcements on Wednesday. One was for the ₹124 crore order, for which it was declared the lowest bidder. The order is from Dakshin Haryana Bijli Vitran Nigam Limited and is scheduled to be completed in 30 months.
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The other announcement was the receiving of a letter of acceptance from Eastern Railway. The order is worth around ₹390.97 crore and is expected to be completed in 24 months. Apart from the orders the stock is also gaining strength as the return of Narendra Modi as prime minister becomes imminent. The optimism around political stability and policy continuity has spurred a surge in several railway stocks including IRCON, IRFC and IRCTC.
Earlier in the week, RVNL’s share price had surged up sharply to hit a new all-time high of ₹425. However, on Tuesday the stock witnessed a major crash. It has been witnessing some strong recovery today.
Price Action: RVNL’s share price was up 4.63% to trade at ₹369.95 as the markets opened on Thursday.
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