Updated Jul 4, 2024 | 09:55 PM IST
The railway PSU stock has gained an impressive 58.68 per cent over the last three months and has grown by over 19% in the last one month and over 8% in the last two weeks. Furthermore, the stock has delivered 125.74 per cent return to its investors over the last six months and has gained 129.89 per cent on YTD.
RVNL share price target 2024 (iStock)
Shares of Rail Vikas Nigam Limited (RVNL) will remain in focus following the Rs 750 crore deal with Ircon International Limited (IRCON).
On Thursday, the PSU stock closed in green at Rs 418.75 per share, 0.46 per cent higher than its previous close of Rs 416.85 per share. Moreover, the stock has gained over 200% in the last one year, delivering 125.74% in the last six months.
RVNL Rs 750 crore deal with IRCON
RVNL has awarded IRCON International, a company that executes civil construction projects for Indian Railways, a significant order worth Rs 750 crore. This order is expected to drive stock movement on Friday.
“Ircon International Limited (IRCON) has been awarded a LOA for the work of “Design, supply, installation, testing and commissioning of broad gauge ballastless track (BLT), supply of ballast and installation of track (excluding supply of rails and track sleepers) between chainage 6+015 (FLS) to 125+200 (FLS) in connection with New BG line between Rishikesh and Karanprayag (125km) in the state of Uttarakhand, India” through a Joint Venture i.e. IRCON- Paras Railtech Private Limited- PCM Strescon Overseas Ventures Limited [IRCON-PARAS-PCM (JV)] in the ratio of 60:25:15 respectively,” IRCON said in an exchange filing today.
“…Rs. 7,50,82,79,068.08 (Rs. Seven hundred and Fifty Crores EightyTwo Lakhs Seventy-Nine Thousand Sixty-Eight & paisa Eight only) including GST. The project has been awarded to the IRCONPARAS-PCM JV in the ratio of 60:25:15 respectively,” IRCON said.
Apart from this, RVNL has also signed an MOU with Delhi Metro Rail Corporation Limited (DMRC) to collaborate in the upcoming projects in India and abroad as Project Service Provider.
“… RVNL has signed MoU with M/s Delhi Metro Rail Corporation Limited (DMRC) for participation in the upcoming projects in India and abroad as Project Service Provider for Metro/ Railways/ High Speed Rail/ Highways/ MegaBridges/ Tunnels/ Institutional Buildings/ Workshops or Depots/ S&T works/ Railway Electrification,” RVNL stated in an exchange filing.
RVNL share price performance
The railway PSU stock has gained an impressive 58.68 per cent over the last three months and has grown by over 19% in the last one month and over 8% in the last two weeks. Furthermore, the stock has delivered 125.74 per cent return to its investors over the last six months and has gained 129.89 per cent on YTD.
Additionally, the stock has gained 1284.30 per cent in the last two years and has delivered 243.38 per cent return in the last one year. RVNL shares have delivered an impressive 1377.07% return to its investors over the last five years as per BSE analytics as of July 4.
Brokerage house Antique Stock Broking Limited has assigned a HOLD rating on RVNL shares. The firm cited the CMP of Rs 417 in their report dated July 4, 2024, and set the fair value of Rs 233 for the company.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money related decisions.)
