RVNL‘s share price was upbeat on Monday going up around 3% to hit a new all-time high of ₹647.

What Happened: The railway major announced last Friday that it has received a letter of acceptance from Central Railway for the overhead modification work to upgrade the existing 1 x 25 kilovolt electric traction system. The project involves upgrading the current system to a 2 x 25 kilovolt AT feeding system in the Wardha-Ballarshah section of the Nagpur division.

The project, valued at ₹132.59 crore, is expected to be completed within 24 months. The company was declared the lowest bidder for this order earlier in July.

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The development helped the stock jump back into the green after it closed slightly lower on Friday. RVNL’s share price has been on a strong bull run over the past few weeks. In the last 30 days, the stock has surged up over 60%.

The company has bagged several orders over the past three months. Last week, the exchanges revised RVNL’s price band down from 20% to 10%. Such revisions are made when a stock is experiencing higher-than-usual volatility.

Price Action: RVNL’s share price was up 1.10% to trade at ₹633.65 as the markets opened on Monday.

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