RVNL on Monday afternoon announced receiving another letter of acceptance from Indian Railways.

What Happened: The rail infra company informed the exchanges that it had received a letter of acceptance for an order from East Coast Railways. The order is for the automatic block signalling system in some of the existing stations in the section of Jakhapura Nergundi, Khurda Road-Bhusundpur & Bhusundpur-Golanthra over Khurda Road Division of East Coast Railway.

The order is worth around ₹160.08 crore and is to be completed in 24 months. The company was declared the lowest bidder for this order in June.

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Earlier in the day, a Motilal Oswal research note showed that Motilal Oswal mutual fund tracker data shows RVNL is among the top two mid-cap stocks in terms of month-on-month selling in June. 

Mutual fund shareholding in RVNL declined to 20 lakh shares, falling 75.9% from the previous month. The value of shares held by mutual funds fell to ₹80 crore, nosediving by 73.7% from May.

Price Action: RVNL’s share price was down 0.51% to trade at ₹623.55 just before market close on Monday. The stock hit a new all-time high earlier in the day.

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