RVNL posted its latest shareholding data on Thursday evening.
What Happened: India’s biggest insurer, LIC raised its stake in the popular railway stock during the June quarter. As per the latest data, LIC owns around 13.42 crore shares or a 6.44% stake in the company at the end of June 30, 2024. The insurance giant owned a 6% stake in the company at the end of March 2024.
Foreign institutional investors also raised their bet on the company. Foreign portfolio investors held a 2.32% stake in the company at the end of March 2024. Now, at the end of the June quarter, foreign portfolio investors own a 3.13% stake in the railway major. The number of holders also increased from 97 to 122.
Shares of RVNL were under pressure today along with several other railway stocks such as IRCON, Titagarh and IRFC. Earlier in the week, the company announced that it had received a letter of acceptance for an order from East Coast Railways. 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.
Price Action: RVNL’s share price was down 5.86% to close at ₹586.15 on Thursday.
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