After the Rail Vikas Nigam Ltd (RVNL) announced winning a Rs 121-crore project from the North-Central Railways, its shares increased by 8% in the morning trade on April 28. The project involves installing E1-based automatic signalling with continuous track circuiting and other related works on the Jhansi-Gwalior stretch of the North Central Railway, according to a filing by the train ministry’s construction division. Rail Vikas Nigam Ltd stated that the order must be carried out within 18 months.
Nearing its 52-week high of Rs. 107.67 at 10.47 am, the share was trading 4.4 per cent higher on the BSE at Rs. 107.67. The stock has soared by over 60% in the last month and by over 40% in the last week. According to predictions, the corporation will have an order book of between Rs 55,000 and 60,000 crore as of March 31, 2023. In its most recent conference call, RVNL stated that out of Rs 55,000 crore, 20% was obtained through market bidding and the remaining railway projects were awarded based on nominations.
RVNL contributed more than 30 to 35 per cent of the railway infrastructure. It doubled existing lines, switched gauges, and electrified more than 15,000 route kilometres of the railway system. Additionally, it is involved in metro construction. It has finished and put into service 16 turnkey projects.
On Wednesday, the Rail Vikas Nigam Limited (RVNL) was given the designation of Navratna Central Public Sector Enterprise (CPSE) by the Ministry of Finance. Due to a recent strong stock increase driven by high orders, investors have already been paying attention to RVNL, a public-sector railway firm.
A small selection of the best-performing CPSEs are referred to as “Navratna” and have been given more autonomy and financial authority by the Indian government in appreciation of their outstanding performance.
In a figurative sense, the term “Navratna,” which means “nine gems,” refers to these businesses as the nine valuable gems that sparkle brilliantly in the crown of Indian PSEs.
There are now 13 Navratna firms on the list after the addition of RVNL.
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