RVNL shares surge over 6% on winning order from Southern Railway

Shares of Rail Vikas Nigam (RVNL) surged over 6% to Rs 272 in Tuesday's trade on BSE after the firm received a letter of acceptance for an order worth Rs 239 crore from Southern Railway.

"Rail Vikas Nigam Limited has received a Letter of Acceptance from Southern Railway for provision of automatic block signaling system in Jolarpettai Junction to Erode Junction of Salem Division in Southern Railway," the company said in an exchange filing.

The order is to be executed within 12 months.

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At 11:28 am, the scrip was trading 5.7% higher at Rs 270.5 on BSE. The stock has also surged over 48% year-to-date, while it has gained 125% in the past one year.

The company recently stated in an exchange filing that it has postponed and rescheduled the Q4 results date to Friday, May 17. Initially, the results were slated to be disclosed on Wednesday, May 15.

Earlier in March, RVNL bagged four orders worth Rs 2,092 crore.

On March 9, the company in a joint venture (JV) with URC received a Letter of Acceptance (LoA) worth Rs 543 crore from Madhya Pradesh Metro Rail Corporation Limited (MPMRCL).

The company also received the letter of award (LoA) from the Himachal Pradesh State Electricity Board for the development of distribution infrastructure at the North Zone of the state under the revamped reforms-based and results-linked distribution sector scheme (loss reduction works). The total cost of the project was pegged at Rs 409.65 crore.

The firm had received a similar order for the south zone of Himachal Pradesh. The total cost of the project was Rs 888.56 crore.

Technically, the stock's day RSI (14) is at 40.2. The RSI below 30 is considered oversold and above 70 is overbought, Trendlyne data showed. MACD is at 4.6, which is above its center line, but below the signal line. RVNL stock stands higher than the 5-day, 30-day, 50-day, 100-day, 150-day and 200-day simple moving averages (SMAs).

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