RVNL‘s share price was upbeat on Monday morning going 2% to hit an intraday high of ₹585.65.

What Happened: RVNL was included in the FTSE large-cap index during the index provider’s Global Equity Index Series (Asia Pacific Ex-Japan Ex-China) September 2024 semi-annual review. The company was previously in the mid-cap index.

Meanwhile, Antique Broking maintained the “sell” rating on the stock with a price target of ₹283. The target indicates around 50% downside from the stock’s last closing price of ₹572.70.

The brokerage house hosted the management of RVNL for a non-deal roadshow, where key insights were shared. The note said that the company has signed multiple memorandums of understanding (mous) and joint ventures as it looks to strengthen its order book.

The management also said that a major project in Kyrgyzstan, valued at over ₹20,000 crore, is awaiting financial closure.

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The company also said that there may be a slight delay in the execution of the Vande Bharat project due to a scope change, which involves revisions in design and cost. Despite the challenges, RVNL has reiterated its FY25 guidance, expecting flat revenue on a year-on-year basis, which implies an 8% growth over the next three quarters.

The analysts said that RVNL had an exceptionally strong revenue execution until FY22 but annual revenue execution over FY23-25 is largely flattish. The order book has also remained flattish over the past two years, the research firm added. The brokerage house said that the stock’s expensive valuation is making it apprehensive about stock price appreciation from the current levels.

Price Action: RVNL’s share price was up 1.53% to trade at ₹581.45 as the markets opened on Monday.

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