RVNL Bags LoA For ₹138 Cr Order, Shares Up 4%

RVNL‘s share price was upbeat on Thursday as the company announced finalising another order from Central Railways.

What Happened: The railway company on Thursday announced it has received a letter of acceptance from Central Railway for an order.

The order is for the overhead equipment modification work for the up-gradation of the existing 1×25 kilovolt electric traction system to a 2×25 kilovolt in the Amla-Nagpur Section in the Nagpur division of Central Railway.

The company was announced as the lowest bidder for this order in June. The order is worth around ₹138.45 crore and is expected to be completed in 24 months.

See Also: Ambuja Cements Shares Rebound After 3 Days As Nomura Upgrades Stock To ‘Buy'

Earlier in the day, the exchanges revised the rail infra stock’s price band down from 20% to 10%. Such revisions are made when a stock is experiencing more than usual volatility. RVNL‘s share price has surged around 45% in the last five sessions.

The stock hit a new all-time high today of ₹643.80 as well, going up over 5%.

Price Action: RVNL’s share price was up 4.48% to trade at ₹637.25 on Thursday.

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