The RVNL share price continued gains for the third straight session on Monday as the stock jumped up over 11% to hit a new 52-week high of ₹86.85.
What Happened: While it is not immediately clear what’s driving the stock’s massive surge today, Rail Vikas Nigam’s share price has been upbeat after an RVNL and Siemens consortium won two orders from Gujarat Metro Rail Corporation Limited (GMRCL).
As per a regulatory filing by Siemens, the orders are for Surat Metro Phase 1 (over 40 kilometers covering 38 stations and 2 depots) and Ahmedabad Metro Phase 2 (over 28 kilometers covering 23 stations and 1 depot). Siemens' share as part of the deal was revealed to be ₹678 crore. However, RVNL’s share was not disclosed.
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RVNL and Siemens consortium had won another contract just this month from Mumbai Metro Rail. The consortium emerged as the lowest bidder for a ₹378.16 crore project. “SIEMENS is the lead partner
with 60% share & RVNL is a consortium partner with 40% share,” RVNL had disclosed in a regulatory filing then.
The PSU has bagged several orders in April. The company also won a contract from North Western Railway for "Provision of Automatic Block Signalling on Madar-Sakhun Section (51.13 Kms) of Jaipur Division over North Western.” The contract value for the order is ₹63.86 crore.
The company has been having a great time at the bourses for the past few months. RVNL’s share price has gone 30% in just the past month. In the last six months, the stock has more than doubled going up over 120%.
Price Action: RVNL share price was up 12.39% to trade at ₹87.10 in the late hours of trading on Monday.
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