RVNL Shares Rocket 18%, Market Cap Breaches ₹1 Lakh Cr Mark For 1st Time

RVNL‘s share price skyrocketed on Friday going up over 18% to hit a new all-time high of ₹496.60.

What Happened: Shares of the rail infra major are upbeat today as it signed an MoU with Delhi Metro Rail Corporation. The massive surge is also seen across several railway stocks, including IRCON and IRFC. IRCON’s share price was up around 11% while IRFC shares were zooming 7% at the time of writing on Friday. The rally might also be gaining strength from the optimism that the upcoming budget would hike up the allocation for railways.

The surge today helped the stock blow past the ₹1 lakh crore mark. At the time of writing, the company’s market capitalisation stands at around ₹1.02 lakh crore.

RVNL shares have been on a tear over the past year. The stock has surged over 170% since the start of the year. The massive rally has been backed by a steady inflow of orders. As per estimates, the company has bagged orders worth over ₹2,000 crore, since April. The company had earlier said that it wants to have an order inflow of around ₹20,000-₹25,000 crore for the year.

Price Action: RVNL’s share price was up 17.49% to trade at ₹492 in the late hours of trading on Friday.

Read Next: Analysts See CDSL Shares Move Towards ₹2,800 Mark After Recent Breakout

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.

Comments
Loading...
Posted In: EquitiesNewsMarketsMoversTrading IdeasRail Vikas Nigam

Loading...