RVNL‘s share price which was muted on Tuesday morning shot up sharply after the company announced bagging the order.

What Happened: In an exchange filing on Tuesday, the railway infra company announced bagging an order from Southern Railway.

The order is for implementing a multi section digital axle counter alongside the existing DCTC at stations to serve as dual detection, and for replacing the remaining AFTCs in the MAS-GDR and MSB-TBM automatic block signalling sections of Chennai Division, Southern Railway.

The order is worth around ₹111.38 crore and is expected to be completed in 18 months.

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Last week, 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.

In its latest note on the company, Antique Broking reiterated the "sell" rating on the stock with a price target of ₹283. The company is currently on a non-deal roadshow, during which it interacted with the analysts at Antique Broking.

Price Action: RVNL’s share price was up 0.53% to trade at ₹580.25 on Tuesday. Shares of the company were moderating after the initial surge.

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