RVNL‘s share price was rocketing at the bourses on Thursday morning looking to extend its winning streak to the third straight session. RVNL shares went up over 7% to hit an intraday high of ₹514.65

What Happened: The massive surge today comes as the railway infra company announced on Wednesday that it had been selected as the lowest bidder for a contract from Maharashtra Metro Rail Corporation Limited.

The contract includes the construction of seven elevated metro stations in Reach 3A and three in Reach 4A of the Nagpur Metro Rail Phase-2 project. Valued at ₹270 crore, the project is expected to be completed within 30 months.

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Separately, in its latest shareholding data filed on Wednesday, RVNL reported that foreign Institutional Investors (FIIs) were net buyers of the company's shares during the July-September quarter. As of September 30, FIIs hold a 5.05% stake, equivalent to 10.52 crore shares, up from a 3.13% stake or 6.52 crore shares at the end of June.

Earlier this month, RVNL also announced securing a project from the East Coast Railway. The project involves constructing the third and fourth lines between Jarapada and Talcher Road, as well as a new line between Angul and Balram.

Price Action: RVNL’s share price was up 6.13% to trade at ₹509 shortly after market open on Thursday.

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